- Binance implements the Terra Luna Classic Burn mechanism.
- The burning mechanism will apply to all Terra Luna Classic spot and margin trading fees.
- The initiative is in response to the recent Terra community’s burn proposal.
The world’s largest cryptocurrency exchange, Binance has implemented burning on all Terra Luna Classic (LUNC) trading fees.
According to the Binance Twitter post, the burn mechanism will be implemented on all LUNC spot and margin trading fees.
#Binance will implement a burn mechanism to burn all trading fees on $LUNC spot and margin trading pairs. https://t.co/Depz9nYDVO— Binance (@binance) September 26, 2022
Following the burn mechanism, all the LUNC trading fees will go to the community’s burn address. The LUNC burn program started on September 1st, 2022, and will continue until further notice.
The initiative is in response to the burn proposal suggested by the Terra community. Currently, the terra community is eagerly waiting to know the amount of LUNC tokens burnt last week on spot and margin trading. As per their Twitter post, they are awaiting the stats to be released by Binance.
LUNC burn mechanism will not affect BNB fee discounts, fee rebates, or any other form of fee adjustment or fee discount. Binance Spot Liquidity Provider Program will pause fee rebates toward LUNC spot and margin trading pairs starting from 2022-09-27 at 00:00:00 (UTC),
The first batch of trading fees on LUNC spot and margin trading will be calculated from September 21st to October 2nd, 2022.
Amidst the release of final token burn numbers from Binance, LUNC prices have surged by 70% since last week. Moreover, the LUNC value is up by over 44% since last month.
Within a day of the announcement of Binance’s LUNC burn mechanism, the tokens’ value went up by 55%. Its prices went from $0.00018 to $0.00031.
According to CoinGecko, nearly 55% of the LUNC trading volume comes from Binance.
The LUNC burn mechanism is great news for those traders who had lost millions in the fall of Terra Luna.
After the Terra collapse, Interpol issued a red notice on the Terraform Labs co-founder Do Kwon. However, he says that he is not on the run. Even South Korea has pledged to recover $62 million in Bitcoin which is linked to Do Kwon and his Terra project.