Binance and USTC Burn Proposal
Binance, a leading cryptocurrency exchange, has adjusted the trading fees for LUNC to optimize its burn process. According to Binance’s official LUNC support page, the next round of LUNC burns is scheduled for Wednesday, October 2, 2024. These monthly burns have consistently been seen as positive for LUNC, as they help reduce the token’s overall supply.
Since May 13, 2022, Binance has burned approximately 64.47 billion LUNC and 4.38 million USTC, further lowering the circulating supply. This ongoing reduction has garnered significant attention from the Terra Luna Classic community, which anticipates a price rally following the event.
Meanwhile, the Terra Luna Classic community recently passed a new USTC burn proposal aimed at burning 46.55 million USTC through contract migration. As reported by Crypto News Flash, this was the second attempt after the initial on-chain execution failed due to insufficient funds in the USTC contract. To improve the proposal’s success, certain contracts were excluded this time, underscoring the community’s dedication.
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