Binance burns 2.6 billion LUNC tokens, reaffirming its support for the Terra Classic ecosystem despite ongoing disputes in the community. Binance has conducted its 11th Terra Classic (LUNC) burn, which involved an impressive 2.65 billion LUNC tokens. The latest Binance burn comes amid persistent ongoing disputes within the Terra Classic community due to differences in […] The post Binance Burns 2.6B LUNC Despite Ongoing Disputes in Terra Classic first appeared on The Crypto Basic.

Binance Burns 2.6B LUNC Despite Ongoing Disputes in Terra Classic

Binance burns 2.6 billion LUNC tokens, reaffirming its support for the Terra Classic ecosystem despite ongoing disputes in the community.

Binance has conducted its 11th Terra Classic (LUNC) burn, which involved an impressive 2.65 billion LUNC tokens. The latest Binance burn comes amid persistent ongoing disputes within the Terra Classic community due to differences in opinions regarding the rejuvenation plan.

On-chain  data  confirms that the burn involved 2,651,321,806 (2.651 billion) LUNC valued at $236.6K at the time of the transaction and occurred on July 1 at 15:12 (UTC). The exercise incinerated 50% of LUNC spot and margin trading fees from May 31 to June 29,  according  to Binance.

Following Binance’s burn, the total cumulative Terra Classic burn from all parties now stands at 65.3 billion LUNC. Of this figure, Binance’s total burns account for 35.53 billion tokens, representing over 54% of the cumulative burn.

The latest Binance burn comes exactly one month after the exchange  incinerated  1.044 billion LUNC for May. The increase in June’s burn can be attributed to a rise in LUNC spot and margin trading volumes on the exchange.

Notably, this is the fifth burn exercise carried out by Binance since it  resumed

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