Terra Luna Classic investors have taken a significant step by burning 85 billion LUNC since May 18, 2022, to reduce the circulating supply. This important action carried out by the community aims to decrease the amount of LUNC in circulation.
During this process, the most substantial support came from Binance, which is still the largest exchange by volume. Binance contributed approximately 43.6 billion LUNC to this process, which constitutes about 51% of the total LUNC burned so far.
While the circulating supply of LUNC tokens stands at 5.83 trillion, the total supply is determined to be 6.82 trillion LUNC. The community needs to exert more effort to accelerate the LUNC burning process.
After Do Kwon’s split from the chain, the management of Terra Luna Classic passed to community-approved developers, reliable validators, and members who support the cryptocurrency. During the ongoing process, crypto exchanges, validators, projects, and members are sending LUNC to burning wallets to destroy the tokens. The community burns an average of 200 million LUNC per week.
Binance carried out the 16th LUNC burning operation on December 1st, destroying approximately 4 billion Terra Luna Classic (LUNC) tokens in this process. The total amount of LUNC sent to burning addresses by Binance to date reached 43.6 billion.