Since implementing a burn on all Luna Classic transactions, over 5.5 billion LUNC has been burned in Binance's first Luna Classic burn.
Binance Burns LUNC
Binane announced the success of their first burn on their official Twitter account.
In the announcement, Binance went into the logistics of the burn and made a short statement:
In response to the LUNC community proposal on burning trading fees while maintaining a good trading experience for users, Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The specific amount of LUNC to be burned, its equivalent value in USDT, and on-chain transaction ID will be updated each week in this announcement until further notice.
The next burn will take place on October 8 and will be made up of trading fees from October 2 onwards.
Luna Classic holders and speculators expect other cryptocurrency exchanges to partake in the Luna Classic burn to help reduce Luna Classic’s supply of 6.5 trillion coins.
A similar burn is taking place with SHIB, the native token of Shiba Inu. Shiba Inu burns are done by Shiba Inu holders and the Shiba Inu ecosystem. Luna Classic’s burn is done automatically through smart contracts that apply a burn tax on trading fees across Luna Classic’s blockchain.
Learn more about Luna Classic with our Luna Classic roadmap.