The Terra Luna burn, community has reached a significant milestone by burning a total of 70 billion LUNC tokens, a remarkable achievement in their ongoing efforts to reduce the circulating supply of LUNC since May 18, 2022.
Terra Luna Burn Reaches 70 Billion Tokens, Binance’s Big Burn Upcoming
This initiative gained momentum after the Terra-LUNA Crisis in May 2022, and the community’s proactive response included separating the chain from TFL and implementing various features like staking and the burning campaign.
The circulating supply of tokens currently stands at 5.81 trillion, while the total supply amounts to 6.84 trillion tokens. However, the community recognizes the importance of increasing utility to further enhance the burn rate. The management of Terra Luna is in the hands of community-approved developers, trusted validators, and dedicated members.
Notably, Binance, the world’s largest crypto exchange, has played a significant role in the token-burning efforts, contributing over 50% of the total burned so far by burning nearly 36 billion tokens. The burn campaign has been successful in eliminating a substantial amount of tokens, with an average of 400 million being burned by the community each week. Furthermore, Binance employs its monthly burn mechanism, sending billions of tokens to the burn address.
In a recent 11th batch of the burn mechanism on July 1, Binance burned an additional 2.65 billion LUNC tokens, bringing their total burn to an impressive 35.5 billion tokens.
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