Binance announced that it has burned 5.5 billion Luna Classic tokens by implementing the burn mechanism.
#binance complete the first $LUNC Burn all trading fees collected from LUNC spot and margin trading pairs.
For more information on the first write and all future writes, please check the announcement linked below for future weekly updates.https://t.co/Depz9nYDVO
— Binance (@binance) October 3, 2022
According to the company’s announcement, all transaction fees on LUNC spot and margin trading pairs have been burned. The burning program he started on September 21st.
The 5.5 billion LUNC tokens that were burned represent the fees received by the exchange between September 21st and October 1st.
Binance has so far been reluctant to implement a 1.2% burn tax mechanism, saying it would add an opt-in button for users. However, the negative community reaction to the idea forced the exchange to cancel its plans.
LUNC community confirms Binance writes
A Twitter account that tracks Luna Burn confirmed that Binance sent the token to the LUNC burn address. At current prices, almost $1.9 million worth of his LUNC was burned down.
🔥 Beware of burns! 5,595,907,838 #lunch ($1,899,923) has been burned into the Luna Burn Wallet! https://t.co/R5MZrDmz4a #Lunaburn #BurnLuna
— LunaBurnTracker (@LunaBurnTracker) October 3, 2022
Also LUNC DAO Confirmed “This has been a low volume week compared to previous months.
Binance Burn Has Split Communities
While many are excited about the burn, others believe it will be a while before enough tokens are burned to reduce the total LUNC supply of around 7 trillion.
twitter user pointed out It would take 15 years to reduce the supply to 10 billion at this rate.
At this rate, it will reach 10 billion in 15 years. I’m patient and definitely not going to sell it, but honestly… 8+ years doesn’t make sense.
— Milan Jansa (@MilanJansa) October 3, 2022
FatMan Terra explained that the idea of writing was “ridiculous” and said he could have hired a team of developers to “build a set of useful products/tools instead”.
At the request of the “LUNC Army,” Binance injected $1.8 million into Barn Address. This impacts his 0.09% on supply cuts.
Think how ridiculous this is. With that money, you could hire a development team to build a bunch of useful products/tools instead… https://t.co/3wnrzbdGum
— Fat Man (@FatManTerra) October 3, 2022
Meanwhile, the burn has yet to affect LUNC’s price performance.The digital asset lost about 5.6% of its value in the last 24 hours.
