{"id":7593,"date":"2022-10-03T19:22:46","date_gmt":"2022-10-03T19:22:46","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7593"},"modified":"2022-10-03T19:22:46","modified_gmt":"2022-10-03T19:22:46","slug":"binance-burns-1-9m-lunc-tokens","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7593","title":{"rendered":"Binance burns $1.9M LUNC tokens"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Binance announced that it has burned 5.5 billion Luna Classic tokens following its implementation of the burn mechanism.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Binance completes the first $LUNC burn, burning all trading fees collected from LUNC spot and margin trading pairs.<\/p>\n<p>For more details about the first burn and all future burns, please check the announcement linked below for weekly updates moving forward.https:\/\/t.co\/Depz9nYDVO<\/p>\n<p>\u2014 Binance (@binance) October 3, 2022<\/p>\n<p>According to the announcement by the firm, it burned all the trading fees for LUNC spot and margin trading pairs. The burn program began on Sept. 21.<\/p>\n<p>The burnt 5.5 billion LUNC tokens represent the fees the exchange got between Sept. 21 to Oct. 1.<\/p>\n<p>Binance was previously reluctant about the implementation of the 1.2% burn tax mechanism, saying it was going to add an opt-in button for users. However, the community\u2019s negative reaction to the idea forced the exchange to cancel the plan.<\/p>\n<h2>LUNC community confirms Binance burn<\/h2>\n<p>A Twitter account tracking Luna Burn confirmed that Binance has sent the tokens to the LUNC burn address. At the current price, it means that almost $1.9 million worth of LUNC was burned.<\/p>\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd25 Burn alert! 5,595,907,838 #LUNC ($1,899,923) burned to Luna Burn Wallet! https:\/\/t.co\/R5MZrDmz4a #LunaBurn #BurnLuna<\/p>\n<p>\u2014 LunaBurnTracker (@LunaBurnTracker) October 3, 2022<\/p>\n<p>The LUNC DAO also confirmed the development, adding that \u201cthis was a low volume week relative to the last few months. They\u2019ll be burning all fees every week. More volume = more burned.\u201d<\/p>\n<h2>Community divided on the effect of Binance burn<\/h2>\n<p>While many are excited about the burn, others believe it would take a while before enough tokens would be burnt to reduce LUNC\u2019s total supply of almost 7 trillion.<\/p>\n<p>A Twitter user pointed out that\u00a0it will take 15 years to reduce the supply to 10 billion at this rate.<\/p>\n<p lang=\"en\" dir=\"ltr\">At this rate, we&#8217;ll get to 10 billion in 15 years. I&#8217;m patient and I&#8217;m definitely not going to sell, but honestly\u2026anything over 8 years doesn&#8217;t make sense to me.<\/p>\n<p>\u2014 Milan Jansa (@MilanJansa) October 3, 2022<\/p>\n<p>FatMan Terra described the burn idea as \u201cabsurd,\u201d saying a developer team could have been hired \u201cto build a suite of useful products\/tools instead.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">At the behest of the &#8220;LUNC army&#8221;, Binance just threw $1.8 million dollars into the burn address. This will have a 0.09% impact on supply reduction.<\/p>\n<p>Just think of how absurd this is. With that money, you could hire a dev team to build a suite of useful products\/tools instead\u2026 https:\/\/t.co\/3wnrzbdGum<\/p>\n<p>\u2014 FatMan (@FatManTerra) October 3, 2022<\/p>\n<p>Meanwhile, the burn is yet to affect LUNC\u2019s price performance. The digital asset has shed roughly 5.6% of its value over the last 24 hours.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/binance-burns-1-9m-lunc-tokens\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance announced that it has burned 5.5 billion Luna Classic tokens following its implementation of the burn mechanism. #Binance completes the first $LUNC burn, burning all trading fees collected from LUNC spot and margin trading pairs. For more details about the first burn and all future burns, please check the announcement linked below for weekly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-7593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7593"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7593\/revisions"}],"predecessor-version":[{"id":7595,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7593\/revisions\/7595"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7594"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}