The popular crypto platform has now eliminated a total of more than 57 billion LUNC tokens through its burning initiatives. In the 20th LUNC burn event, Binance burned 4.17 billion LUNC tokens, contributing significantly to the reduction of circulating tokens.

This week, Binance wrapped up its 21st round of the LUNC burn process by incinerating a hefty 1.4 billion Terra Luna Classic (LUNC) tokens. This latest burn brings Binance’s total count of burnt LUNC tokens to over 57 billion, showcasing the exchange's commitment to supporting the Terra Luna Classic community by regularly eliminating excess tokens from circulation.

An analysis of the LUNC burn transaction on May 1 revealed that Binance was responsible for burning 1.4 billion LUNC tokens, amounting to 52% of the total tokens burnt by the community. By actively participating in the burning process, Binance has emerged as a key contributor to the ongoing efforts in revitalizing Terra Luna Classic.

Throughout March 31st to April 29th, Binance conducted a substantial token burn exercise via the 21st LUNC burn event, reaching a total burn of more than 57.66 billion Terra Luna Classic (LUNC) tokens. The decrease in daily trading volumes for LUNC in April led to a market-wide decline in cryptocurrency prices and trading activities, with daily trade volumes averaging around $30 million and prices dropping below $0.0001. The market valuation, which was once over $1 billion, has now plunged to approximately $600 million as a result of these fluctuations.

In the 20th LUNC burn mechanism, Binance successfully burnt 4.17 billion Terra Luna Classic (LUNC) tokens, driven by the surge in trading activities during March. This extensive burning effort focused on LUNC spot and margin trading pairs, resulting in the burning of tokens worth $722,630.