u.today
Cryptocurrency exchange Binance has announced that it has already burned $1.8
million worth of trading fees on Luna Classic (LUNC) spot and trading pairs, according to a Monday announcement. The exchange has removed 5.6 billion tokens from circulation.
As reported by U.Today, the LUNC token recently experienced a significant price rally.
Binance confirmed the implementation of a burn mechanism for the token on Sept. 26, thus boosting its scarcity.
Tokens can be permanently removed from circulation by sending them to a specific burn address.
Terra was one of the most promising blockchains projects, but its sudden collapse sent shockwaves across the industry back in May.