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The latest burn exercise is Binance’s second incineration since it resumed LUNC burns last month.
Binance has burned 1.6 billion Terra Classic (LUNC) tokens worth $203,000 against prevailing rates. The incinerated tokens represent 50% of the Terra Classic trading fees generated by the exchange for March.
LunaBurnTracker, a community-driven Twitter handle dedicated to tracking burns on the Terra Classic network, recently called attention to the burn. Data from Terra Finder reveals that the burn transaction occurred today at 09:11 (UTC). The exchange has not updated its burn records to reflect the latest transaction as of press time.
🔥 Burn alert! 1,612,903,453 #LUNC ($203,000) burned to Luna Burn Wallet!https://t.co/EcWejVgy5P#BurnLunc #LuncArmy
— LunaBurnTracker (@LunaBurnTracker) April 1, 2023
Following Binance’s latest burn, total incinerated LUNC tokens have now crossed the 52 billion mark, amounting to 52.91 billion LUNC. The transaction brings Binance’s total burns to a massive 30.56 billion tokens as of press time, representing 58.1% of the total incinerated tokens. The exchange remains the single biggest contributor to the LUNC burn initiative.
Recall that Binance incinerated 8.8 billion Terra Classic tokens (~$1.5 million at the time) on March 2, upon the resumption of token burns following the Terra Classic network upgrade to v.1.1.0. The tokens represented 50% of the exchange’s LUNC trading fees from December 2022 to February 2022.
The resumption of the burn contribution came on the back of the v.1.1.0 chain upgrade, which implemented changes to the network to address the concerns raised by Binance in September 2022 when it postponed token burns. Notably, Binance requested parameter changes to ensure that its burns are not later re-minted.
Proposals aimed at addressing the concerns were submitted for governance voting. The community passed the proposals, and the network changes were included in the Terra Classic v.1.1.0 upgrade, which went live on March 1. Despite resuming token burns, Binance only incinerates 50% of its LUNC trading fees instead of 100%.