Binance, the world's largest crypto exchange platform has burned over 1.34 billion Terra Classic tokens (LUNC) which now has a total of 12.5 billion LUNC tokens transferred to address burn through the use of trading fees on spot trading pairs and margin.
According to Binance CEO Changpeng Zhao (CZ), he is reducing the increase in off-chain* and on-chain** burn taxes so that Binance LUNC burn will continue to increase every week.
*Move some work out of the blockchain ecosystem, which can then be integrated back into the blockchain
**Transactions run on the blockchain network from start to finish
Following that, the Terra Classic community approved Proposal 5234 submitted by CZ to reduce the tax to 0.2% and decide 10% of the funds for the pool community.
It is also understood that this Binance LUNC burn will determine whether the reduced tax increases trading volume after he reviewed the changes to the tax burn last week.
Meanwhile, LUNC Burn enlists the support of the community to trade on Binance only to be able to increase the burning rate of the crypto exchanger with Allnodes burning 30.48 million LUNC while validators LUNC DAO 22.2 million tokens.
Currently, the price of LUNC is hovering around the 0.00023200 zone after the Binance burn occurred in the past 24 hours with trading volume declining by 20%.
Even though the burn rate is down at 700 million tokens per day, the Terra community still burns over 24 billion LUNC tokens.
On a different source, Terra Rebels, the group behind the Terra Classic Revival Roadmap recently launched an official YouTube channel to educate the community on the blockchain aspects of Terra Classic as well as propose a Terra Classic Grants Program to manage funds in the community pool.
