The number of LUNA burned jumped significantly in October 2022, after Binance burned 5.5 billion tokens or 0.08 percent of the coin's circulating supply. This according to data from within the Terra blockchain, specifically an old address shared by LUNA CEO Do Kwon where users could send tokens to see them burned (permanently destroyed). The address was shared after The circulating supply of Terra (LUNA) - renamed Terra Classic (LUNC) since late May - grew by trillions as the cryptocurrency's algorithm tried to account for a significant price fall. Several crypto holders hoped that Do Kwon's company would buy the LUNA token back from them and remove them from the supply entirely - meaning Terra's price would be restored. The CEO shared his company would not be able to do such a thing - citing it was too vast of an undertaking - but provided an option for those who wanted to burn coins either way. By the end of June 2022, over one billion tokens - or 0.017 percent of all the LUNA/LUNC that exists - had been sent to that address by the end of June 2022. The price of Terra (LUNA) did recover on certain days, but was not close to the parity it originally desired.
Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022
Characteristic
LUNA burned
Burn rate (BPS, against overall LUNA circulating supply)
LUNA sent to Terra address "terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu"; No supply figures were provided for LUNC during the summer of 2022. No reason was provided why this was the case.
On May 28, 2022, the creators behind LUNA released a 2.0 version of the cryptocurrency, whilst the "original" LUNA coin got rebranded into LUNC or Terra Classic. The numbers provided here pre-date this change, and therefore refer to this 1.0 version.
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Statista. (October 5, 2022). Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022 [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1317271/luna-burn-rate/
Statista. "Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022." Chart. October 5, 2022. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1317271/luna-burn-rate/
Statista. (2022). Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1317271/luna-burn-rate/
Statista. "Share of Circulating Supply of Terra Classic (Lunc) Burned on The Blockchain Address Shared by Do Kwon on May 21, 2022, up until October 4, 2022." Statista, Statista Inc., 5 Oct 2022, https://www.statista.com/statistics/1317271/luna-burn-rate/
Statista, Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022 Statista, https://www.statista.com/statistics/1317271/luna-burn-rate/ (last visited December 21, 2024)
Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022 [Graph], Statista, October 5, 2022. [Online]. Available: https://www.statista.com/statistics/1317271/luna-burn-rate/
