Binance, the world's largest cryptocurrency exchange by trading volume, completed the 11th group Terra Classic (LUNC) token burning, destroying 2.65 billion LUNC tokens from its wallet.
Binance's token burn on July 1 was part of a commitment to reduce the circulating supply of Terra Classic and support the Terra Classic ecosystem. Binance also paid a transaction fee of 13.25 million LUNC to the network for the burn.
Binance has been burning Terra Classic tokens every month since September 2022, based on trading fees collected from LUNC spot and margin trading pairs on its platform. The exchange has reduced its contribution from 100% to 50% of fees since May 2023, but still remains the largest Terra Classic token burner on the market.
With the last batch, Binance burned about 35.5 billion Terra Classic tokens in total.
The Terra Classic community is also actively burning Terra Classic tokens through various mechanisms such as staking rewards, governance recommendations, and DApp fees. The total amount of LUNC burned by the community has exceeded 68 billion.
*Not investment advice.