Burn Report of Terra Classic (LUNC)
The biggest cryptocurrency exchange by volume, Binance, has published its first weekly burn report of Terra Classic (LUNC) on its announcement page. The token amount burned in the first week of implementing the burn mechanism is reported to be 5,595,907,838 LUNC, roughly $1,863,213 in USDT.
The burn amount of LUNC tokens will change every week based on how much value will be accumulated from trading fees, so a high trading volume for Terra Classic is crucial to consistently burn high amounts of tokens. As batch 1 has been completed, batch 2 is set to be accumulated on 2022-10-02 00:00:00 - 2022-10-08 23:59:59. The following batch burn transaction ID and other details are set to be published on 2022-10-10 (UTC). You can view these reports on the official Binance announcement page.
At the time of writing, Terra Classic isn't following the rest of the market and is trading 8% lower in the past 24 hours. However, it is still up 179% since the crash. The LUNC community is not bothered by the current price. It seems optimistic overall with expectations of more CEX listings like Coinbase, Robinhood & other exchanges, UST Repeg, and more CEX Off-Chain burns.
Binance LUNC burn page:
https://www.binance.com/en/support/announcement/4769eab576c4479eaa14adc1eb587226
Terra Classic (LUNC) Telegram:
