Breaking: Binance To Burn Terra Classic ($LUNC) On Monthly Basis
Crypto exchange Binance has switched from a weekly Terra Classic (LUNC) burn mechanism to a monthly burn. Until now, Binance has burned 13.712 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs.
Moreover, the Terra Classic community successfully burned over 26.361 billion Terra Classic (LUNC) tokens. Validators including Allnodes and LUNC DAO followed Binance to burn LUNC tokens on the weekly basis. Allnodes today burned over 26 million LUNC tokens.
Binance Switches to Monthly Terra Classic (LUNC) Burn
After burning 1.26 billion Terra Classic (LUNC) tokens in the fifth batch of the weekly burn mechanism, Binance changed the rules to burn LUNC on monthly basis. Therefore, Binance will burn trading fees on LUNC spot and margin trading pairs from October 30-November 29 on December 1.
Binance will calculate total trading fees on LUNC spot and margin trading pairs to be burned from the previous month on the first day of every month. The subsequent on-chain burn transactions and monthly report will be updated on the next day.
The amount of LUNC burned continued to decline amid low trading and passing multiple proposals, which affected sentiments. The crypto exchange burned over 5.5 billion Terra Classic (LUNC) tokens in the first batch and 1.26 billion Terra Classic (LUNC) tokens in the fifth batch on October 31.
The community passed Proposal 5234 which effectively reduced the tax burn from 1.2% to 0.2%. Terra Classic saw an increase in validators after the volunteer developer group Terra Rebels announced proposals for new validators and increase utility on the Terra Classic blockchain.
Moreover, the community has passed Proposal 8813 for establishing the Terra Grants Program managed by Edward Kim, a lead developer at Terra Rebels. The program receives 1.6 million USTC for running the program.
Will LUNC Price Recover Amid Developments?
Terra Classic community is passing several proposals to revive LUNC. In fact, Terra Rebels also continues to work on several projects to bring back utility to the chain.
Terra Classic price currently trades at $0.000233, down nearly 5% in the last 24 hours. The 24-hour low and high are $0.000228 and $0.000248, respectively. The price is down amid the pressure due to the FTX-Binance dispute.
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