Crypto exchange giant Binance has reportedly burned over 6 billion Terra Classic (LUNC) tokens and resulted in the digital asset climbing 2% in the past 24 hours.
For context, Binance as a whole has burned nearly 20 billion LUNCs and the recent burn is its sixth round.
The period required to burn LUNC's sixth trading fee is from October 30 to November 30 following the weekly burning mechanism being switched to monthly immediately after its fifth round.
However, the amount of LUNC burning is now shrinking not only due to the low trading volume, but the approval of Proposal 5234 has reduced the tax burning from 1.2% to 0.2%.
It is also worth noting that Binance burned 13.712 billion LUNC in October, of which 5.5 billion of the digital asset was in the first round while the fifth round on October 31 was 1.26 billion.
In the meantime, the LUNC community is adamant about bringing back utilities and validators* in the network following LUNC developers will perform a v23 upgrade involving CosmWasm while re-enabling inter-chain communication (IBC) with the Cosmos block.
*A network node that operates in a Proof of Stake (PoS) chain or verifies transaction blocks to that chain
In fact, its community burned 150 million LUNCs in November while DAO's LUNCs were 4 million and not far behind Allnodes burned 25 million LUNCs.
As of this writing, LUNC price is hovering in the $0.00018 zone in the last 24 hours with a daily burn rate of over 366 million tokens per day.
