- Binance adopted the Terra Classic burn mechanism on Trading Fees.
- LUNC increased by 161% from the previous month.
Finally, the LUNC community’s most awaited response from Binance CEO Changpeng Zhao (CZ) on the proposal of burning trading fees has come true on Monday. Binance announced that the exchange would create a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.
According to a blog post, the specific amount of LUNC to be destroyed in the burning process is equivalent to the value of USDT. BNB fee discounts, fee rebates, or any other type of fee change or fee discount will not be impacted by the LUNC burn process. And fee rebates for LUNC spot and margin trading pairs will be suspended by the Binance Spot Liquidity Provider Program.
Within an hour of the Binance announcement, Terra Classic (LUNC) price increased by over 12%. At the time of writing, LUNC traded at $0.000317 with a 24-hour trading volume of $1 billion. LUNC is up more than 42% in the last 24 hours and 161% in the previous month. LUNC has a market cap of $1,950,336,999, as per CoinMarketCap.
How it All Started?
Binance issued a proposal challenge through its CEO CZ, and at the same time, it offered a way to burn LUNC on all in-exchange transactions. Furthermore, CZ engaged with Ask Me Anything (AMA) on Twitter with LUNC community.
In effect, AMA serves as a voting mechanism to determine whether Binance should impose the 1.2% burn tax on Terra Classic. Following that, CZ said that the cryptocurrency exchange will support the Terra Classic community but that the 1.2% tax burn would impact trade on off-chain transactions. However, the world’s largest cryptocurrency exchange has now adopted the LUNC tax burn mechanism.
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