Terra Luna Classic Burn Reaches 70 Billion LUNC Tokens Milestone
Summary: The Terra Luna Classic community has burned 70 billion LUNC since May 18, 2022, marking a significant milestone in reducing LUNC circulating quantity. Binance, the world's largest cryptocurrency exchange, has burned 36 billion LUNC, more than half of the total burned.
Since May 18, 2022, the Terra Luna Classic community has burnt a total of 70 billion LUNC, marking a significant milestone in the ongoing endeavor to lower the circulating quantity of LUNC. Binance, the biggest cryptocurrency exchange in the world, has burnt about 36 billion LUNC, or more than half of the total LUNC burned.
There are now 5.81 trillion LUNC tokens in circulation and 6.84 trillion LUNC tokens available. To speed up the burn of LUNC, the community must improve its infrastructure.
Do Kwon’s decision to split the chain off from TFL in May 2022 prompted the community to step up and initiate a burn campaign, among other things, the previous year. Terra Luna Classic is run by members and validators who have earned the confidence of the community.
The 70 billion LUNC burned thus far in the Terra Luna Classic burn campaign has been contributed by cryptocurrency exchanges, validators, projects, and members. About 400 million LUNC are burned each week on average, with Binance transferring billions to the burn address every month as part of the LUNC burn process.
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Over 35.5 billion LUNC have been burnt by the cryptocurrency exchange Binance so far, with over 2.65 billion burned in the eleventh batch of the LUNC burn mechanism on July 1.
During the third quarter, the Joint L1 Task Force development group and the Quant USTC repeg team plan to work together to decrease the quantity of LUNC and USTC in circulation. The project’s creators are working with exchanges towards the goal of repegging USTC to $1.