What is The LUNC Burn? The LUNC burn is a unique approach to reducing the circulating supply of tokens and increasing their value over time. Let's explore more in this article.
What is The LUNC Burn?
The Luna Classic burn mechanism works by automatically burning tokens whenever a transaction occurs on the network. The number of tokens that are burned is relative to the number of tokens in circulation. This ensures that the total supply of tokens is constantly decreasing, thus increasing their value over time.
How Much Of The LUNC Supply Has Been Burned?
According to the most recent figures, 6.9 billion LUNC have entered burn addresses. It's a 2.64 billion increase since the 1.2% burn tax was implemented on the Terra Classic chain.
With a total LUNC supply of 6.9 trillion, LUNC is still a long way from matching the former 350 million supply of LUNA. While the burning tax should hasten the process, keep in mind that people have been destroying LUNC since May.
Only 0.1% of the LUNC supply has been destroyed in four months.
Binance announced that in order to burn all LUNC spot and margin trading fees. Previously, a burn mechanism was only used for deposits and withdrawals.
All trading fees will now be sent to this address, which is known as the LUNC burn address. Fees will be charged in USDT, BUSD, or BNB. They will then be converted to LUNC and deposited to the address.
Binance has also promised to publish a weekly burn report every Tuesday at 00:00UTC. The first burn record calculations have yet to be released. They will be updated one week after the announcement, on October 3.
What is The LUNC Burn? How Much Of The LUNC Supply Has Been Burned? - Hopefully, this article can help you to get some knowledge.
