Binance to support Terra Classic LUNC burn, CEO Zhao says

For those who don’t know, it’s the method of cutting the supply of coins that gained popularity back in 2017, and as we usually see in the crypto world, it has been going on endlessly. Burning is the cryptocurrency term for removing coins or tokens from circulation to maintain the value of circulating coins. The aim is to stoke demand by reducing supply, which should boost the price of the cryptocurrency.

The main issue facing crypto-backed stablecoins is how much do they need to keep in reserve to account for the market’s massive volatility. A fast-moving market can make cryptocurrency trading seem more like a gamble as values surge, duck and dive in response to sudden and unexpected price movements. The idea was for an opt-in button that would first go live when 25% of the total LUNC on the exchange get on board. After that, Binance would have implemented the burn across all LUNC trades when opt-in users hit 50%. However, it was deemed by the community that the tokens had no real utility and that it wasn’t worth waiting for the periodical burns.

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So when the guy who was sent to clean up that mess says he is now knee-deep in an even bigger corporate shambles, it’s worth taking note. So far, the https://xcritical.com/ team has listed dozens of new coins and introduced certain core improvements. They have a plan and it’s interesting to watch the development process.

Many major projects use the token burn mechanism to establish their native tokens’ independence from market conditions. During the correction phase, the price of such tokens falls by less than other tokens and sometimes even grows. The influence of coin burning on markets hasn’t been proven yet, but some believe that, when approached theoretically, coin burning should result in stabilizing the market and the prices for the cryptocurrency as well. However, coin burning is an important factor for investors as it hints that the prices or the market of the cryptocurrency will stabilize itself and it may serve them with increased profits.

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This burn program was announced back in March, along with a number of other QRDO supply reducing measures, including fees paid in QRDO, an extension in the vesting period, and an exciting new validator program. Several malicious actors claimed they would burn a certain amount of SHIB to gain a large following of the ShibArmy. As such, we’d recommend caution to any new burning efforts until they post their Etherscan transaction of the burn.

Are pegged cryptocurrencies and stablecoins the same?

During times of low inflation rates, the cryptocurrency supply is shorter, which triggers an increase in demand and a spike in value. On the other hand, high inflation rates often result in lower demand and, therefore, a decrease in digital assets’ value. Anyone can burn coins but it is mostly done by developers or miners. A specific number of coins or tokens are selected and what does it mean to burn crypto sent deliberately to a wallet address that is not usable. The address to which these coins or tokens are sent is called the eater address or the burn address and they do not have a private key. With no private key, accessing the wallet becomes impossible, which means once the coins sent to such wallet addresses will stay there forever, eliminated from the circulating supply.

• Here’s just a selection of SHIB burns from the community, and how they do it.
• The wallet that held the tokens started with 294 million MC tokens, which amounted to 29.4% of the total MC supply.
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• The result has been less emphasis on the “De” and more on the “Fi” and system that grew to resemble that which it sought to disintermediate.
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