The second round of token burning for Terra Classic (LUNC) occurred on May 23 at Binance, following the first round on May 1. Terra Finder reports that for a fee of 11.33 tokens, the cryptocurrency exchange sent about 29,828 LUNC to the dead wallet.
Following the 2022 failure of the Terra Luna project, the cryptocurrency exchange started monthly burns of Terra Classic tokens.
Big asset destruction at Binance usually happens on the first of every month. Thus, the cryptocurrency exchange destroyed around 1.4 billion LUNC, equivalent to around $140,000, on May 1. Over the course of 2965 transactions, the platform revoked 59 billion tokens. This accounts for 51.9% of the 113.7 billion LUNCs that the Terra Classic community burned.
On March 2, 2023, Binance token destruction hit a record high. Following this, the cryptocurrency exchange destroyed 8.84 billion LUNC, drastically cutting down on the supply of Terra Classic. Nevertheless, with 6.79 trillion tokens, the asset’s “reserve” is still quite remarkable.
The asset’s value is unaffected by Binance and community efforts to decrease the token supply because there are so many LUNCs. According to market capitalization, it is still the 116th most valuable cryptocurrency.