Binance has burned more than 2.5 billion Terra Classic (LUNC) tokens in the third party of the burning mechanism. With the completion of this batch, Binance sent a total of approximately 11 billion LUNC tokens to the burn address. Therefore, this burning action had a positive effect on the altcoin price. Binance also announced that it will award Neblio (NEBL) in a minigame Crypto WODL.
Binance continues to burn LUNC
The world’s largest crypto exchange, Binance, continued to burn the Terra Classic (LUNC) token today at full speed. Binance has sent over 2.5 billion tokens worth over $650k to the burn address. Also, the transaction fee for the burn is 30 million LUNC tokens. The third-party burn includes LUNC transaction fees on spot and margin trades from Oct. 9 to 15. Meanwhile, Binance has burned nearly 11 billion LUNC so far. The crypto exchange burned more than 5.59 billion LUNCs on October 3 and over 2.99 billion LUNCs on October 10.
Binance CEO Changpeng Zhao (CZ) has promised to help the Terra Classic community reach its target of 10 billion fixed LUNC supply. Moreover cryptocoin.com noted that the 1.2% incineration tax on LUNC should be lowered to encourage more off-chain and on-chain transactions. Recently, the community came up with Proposal 5234 to reduce the incineration tax to 0.2% and set a 10% tax to fund Terra Classic Blockchain developments and contributors. The proposal received a majority vote with approvers supporting the changes.
Meanwhile, Terra Rebels lead developers Edward Kim and Alex Foreshaw supported Proposal 5234. But the developers aren’t sure if the tax cut will increase the price of the LUNC. Meanwhile, Edward Kim proposed the Terra Classic Grant Program to bring new benefit to Terra Classic Blockchain. In addition, the program will ensure a transparent and efficient allocation of funds to new activities.
Altcoin price rises after burn
LUNC price is failing to attract a massive price momentum after Binance’s third party. The 24-hour lows and highs for the altcoin are $0.002571 and $0.0002702. At press time, the altcoin was trading at $0.002632, up 1.69% on a daily basis. In addition, the trading volume has increased by 12.59% in the last 24 hours.
Meanwhile, community members await further developments in the Terra Classic Revival Roadmap. With Binance burning more than 2.5 billion LUNCs, the total amount burned has exceeded 22 billion LUNC. The total supply is 6.86 trillion tokens and the burn rate is 704 million LUNC per day. Currently, the community is calling on Coinbase and Robinhood to add LUNC back to their listings.
NEBL token award game announcement from Binance
Crypto WODL is a mini game that allows users to guess mysterious words to understand the latest market developments while earning crypto rewards. For example, this week’s topic is Blockchain Governance. Regarding the game and the reward, Binance made the following announcement:
Read Binance News to learn more about this topic and participate in this week’s WODL. Users with at least five correct answers will be eligible to receive an equal share of $25,000 in NEBL token coupons.
Binance’s announcement provided a small-scale movement in the altcoin price. During the day, the altcoin rose from $2.99 to $3.19 after the announcement. However, at press time, it stands just above the starting point at $3.01.
