Since implementing a burn on all Luna Classic transactions, over 5.5 billion LUNC has been burned in Binance's first Luna Classic burn.
Luna Classic’s tax burn was supported by the Luna Classic community and various crypto exchanges such as Binance, Huobi, and BTCEX.
The tax burn was first implemented on leading cryptocurrency exchange Binance on September 21.
Binance Burns LUNC
Binance’s first Luna Classic burn was completed on October 1 at 23:59:59 UTC. The first burn was made up of LUNC trading fees from September 21 to October 1.
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.
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