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UPDATE: BINANCE JUST PERMANENTLY BURNED 923 MILLION $LUNC Binance executed its monthly buyback-and-burn on May 1, removing 923,238,507 $LUNC from circulation, the largest single LUNC burn in months and one of the biggest of the program to date. The burn comes after weeks of front-running by traders who pushed... show more
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Nearly every LUNC in circulation was minted in a single week of May 2022 Terra Classic's circulating supply sits near 5.5 trillion terra-luna:native. Almost none of it existed before one week in May 2022. Terra let anyone redeem 1 UST, its dollar stablecoin, for $1 of LUNA at any price. The run began on May 7, when two addresses pulled 375 million UST out of Anchor, the protocol paying 20% yield on roughly three-quarters of UST's supply, per NBER research. As LUNA's price fell, each redeemed dollar minted more tokens: ten at $0.10, a hundred at $0.01, per the New York Fed. Supply grew roughly 20,000-fold before the original chain was renamed Terra Classic. Those trillions are what the burn tax works against today.
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