Binance, a cryptocurrency exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round, stated Cointelegraph.
Sources revealed that the total LUNC tokens burned by Binance amount to over 35.5 billion, including the community’s burn crossing 68 billion. It is believed that the cryptocurrency traders accepted the burn and LUNC saw a 3% price increase, Cointelegraph added.
With insights from a transaction made on July 1, 2023, Binance transferred about 2.65 billion LUNC tokens to the burn address, which eventually reduced the circulating supply. Supposedly, the exchange also included an exchange fee of about 13.25 million LUNC, Cointelegraph highlighted.
Furthermore, Changpeng Zhao, CEO, Binance, reduced its contribution from LUNC spot and margin trading fees to about 50%, Cointelegraph concluded.
(With insights from Cointelegraph)