Binance Ignites Excitement with Massive Terra Luna Classic Token Burn – BitRss

The prominent global cryptocurrency exchange, Binance, made headlines by burning over 700 million Terra Luna Classic (LUNC ($0.26)) tokens as part of its 30th burn batch. This significant event enabled the community to reach a total token burn target of 400 billion. Such burn operations are conducted to withdraw tokens from circulation, thereby reducing supply.

Binance Operations

On February 1, Binance sent 736 million LUNC tokens to the burn address. This transaction was executed using transaction fees amounting to $87,923 accrued between December 31 and January 30. This practice continues in support of the Terra Luna Classic community.

Last month, the exchange burned 1.7 billion tokens under the same initiative. This action is viewed as a response to previous financial issues and transactions carried out by Terraform Labs.

The governance of Terra Luna Classic operates through a system driven by community voting, validators, and developer contributions. Community members engage in various support activities to rejuvenate the project.