The World’s Largest Crypto Exchange Binance Said Monday It Will Burn all trading fees on Terra Classic (LUNC) spot and margin trading pairs by transferring them to the LUNC brand address. After realizing the Terra community’s dissatisfaction with the “opt-in button” proposal, the crypto exchange decided to burn weekly trading fees on LUNC spot and margin trading pairs.
Binance Implements Burn Mechanism on Terra Classic (LUNC) Trading
Binance announced in an official blog on September 26 burning trading fees on Terra Classic (LUNC) spot and margin trading pairs. The trading fees on LUNC spot and margin trading from the previous week are sent to the burn address every Monday at 00:00 UTC. In addition, the burn report and the next burn transaction ID in the chain are updated every Tuesday at 00:00 UTC.
Binance CEO “CZ” previously suggested an “opt-in button” to let users decide whether or not to implement the 1.2% tax burn on the spot and margin trading. After further discussions and given Terra Classic (LUNC)’s dissatisfaction with the proposal, Binance has submitted the new proposal.
In addition, Binance found that the opt-in proposal takes time to implement and traders may not vote. Thus, the crypto exchange has come up with a faster way to support the community.
Burn the first batch of LUNC trading fees is applicable for the period September 21st to October 2nd. Binance will exclude fee discounts on LUNC spot and margin trading pairs to Binance Spot Liquidity Provider Program for the week.
In addition, Binance converts trading fees in other tokens to LUNC every Monday. Also, Binance CEO has said that the crypto exchange will bear the fire costs, not the users. However, the combustion of Terra Classic (LUNC) does not affect BNB discounts, rebates or other rate adjustments.
“This way we can be fair to all users. The trading experience and liquidity remain the same and Binance can still contribute to the decline of LUNC’s supply, which is what the community wants.”
Terra Classic (LUNC) Price increases of more than 70%
Following the announcement of the spot burn and trading fees for trading pairs, the LUNC price jumped more than 70%. The price traded below $0.0002 after Interpol issued a red notice against Do Kwon, but now it is trading at $0.00032.
The LUNC price has a 24-hour low and high of $0.00018 and $0.00032 respectively. The LUNC price is up more than 20% in an hour.
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