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The latest LUNC burn of 1.7 billion tokens from Binance significantly reduces the Terra Classic supply, aligning with increased trading volume.

Binance has completed another significant LUNC (Luna Classic) burn to start in July. The burn event led to a substantial decrease in the total LUNC supply, as highlighted by recent charts posted by community figure Rexyz.

The burn activity has garnered appreciation towards Binance founder and former CEO Changpeng Zhao, as well as current CEO Richard Teng.

The first image posted by Rexyz showcases the total LUNC supply over a 4-hour period. The supply stood at 6,781,807,335,479 LUNC, with a notable decrease of 1,726,507,904 LUNC in the latest candlestick.

This sharp drop within a short time frame indicates a significant burn event, likely involving a large transaction or a series of transactions that reduced the total supply.

The second image presents a broader view, covering the LUNC supply from March 2024 to June 2024. The total supply was recorded at 6,781,738,369,201 LUNC, with a decrease of 1,799,065,981 LUNC in the latest week.

On-chain data confirms that the latest burn, which involved exactly 1,701,046,397 (1.701 billion) LUNC, occurred on July 1 at 10:20 UTC.

The chart provided by Rexyz reveals a consistent decrease in supply over several months, with more pronounced drops towards the end of the period. This aligns with the recent burn event at the start of July, reflecting Binances ongoing efforts to reduce the LUNC supply through increased trading activity.

In addition to Binances burns, the Terra Luna Classic community has been proactive in reducing the LUNC supply. As the native LUNC coin faced challenges from the crypto bears since June, community developers proposed faster ways to decrease supply.

The Terra Classic Foundation recently announced the exclusion of over 12 billion LUNC and 68 million USTC from circulation through specific contracts. These contracts include Anchor bLuna Rewards and Lido Rewards Dispatcher, with funds locked since a Lido DAO proposal passed in June 2022.

Previously, the community voted on Proposal 12098, which aims to review the LUNC burn tax to fund the Oracle pool.

This proposal, initially suggested by StrathCole, seeks to modify the burn tax distribution. It proposed allocating 80% towards burning, 10% to the Community Pool, and 10% to the Oracle Pool, ensuring block rewards consist solely of gas fees.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Terra Classic Sees Major Supply Reduction as Binance Burns 1.7B LUNC - The Crypto Basic