- The crypto exchange will also only burn 50% of the fees generated.
- According to Validator LUNC DAO, Terra Rebels are responsible for the full breakdown.
Binance, the biggest cryptocurrency exchange in the world, has put a hold on burning Terra Classic (LUNC) trade fees until March 2023. This action follows on the heels of the events around the funding proposals for the commodities pool, numbered 10983 and 11111. The crypto exchange will also only burn 50% of the fees generated from LUNC spot and margin trades.
Binance said on December 28 that it will modify its LUNC burn process in order to maintain its support for the Terra Classic community in its efforts to reduce the LUNC token supply. Since the LUNC spot and margin trading fees will no longer be fully burned by Binance as of December 28th, the percentage burned will decrease to 50%.
Breakdown of Partnership
This, according to Binance, is in response to the re-minting of LUNC burn as a development fund in Proposal 10983 and Proposal 11111. Additionally, trade fees for Terra Classic (LUNC) will not be sent to the burn address by the cryptocurrency exchange until March 1, 2023. Until the community approves crucial suggestions, it will restrict the minting of new LUNC trade fees.
In addition, the Terra Grants Foundation, led by Terra Classic’s primary developer Edward Kim, is in talks with Binance to make the required adjustments. This involves whitelisting Binance’s wallets to avoid paying tax when moving LUNC tokens between wallets and building a new burn wallet to stop the re-minting of LUNC tokens.
According to Validator LUNC DAO, Terra Rebels are responsible for the full breakdown of their partnership with Binance. He recommends that the LUNC community continue to get Binance’s backing by meeting the requirements set out by the exchange.
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