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The world’s largest crypto exchange Binance on Monday said it will burn all trading fees on Terra Classic (LUNC) spot and margin trading pairs by sending them to the LUNC burn address. After realizing the Terra Community’s dissatisfaction with the “opt-in button” proposal, the crypto exchange decided to burn trading fees on LUNC spot and margin trading pairs on a weekly basis.
Binance Implements Burn Mechanism on Terra Classic (LUNC) Trading
Binance in an official blog on September 26 announced 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 will be sent to the burn address every Monday at 00:00 UTC. Moreover, the report on the burn and the next on-chain burn transaction ID will be updated every Tuesday at 00:00 UTC.
Binance CEO “CZ” earlier proposed an “opt-in button” to let users decide whether to implement the 1.2% tax burn on their spot and margin trading or not. However, after further discussions and considering the Terra Classic (LUNC) dissatisfaction with the proposal, Binance has set forward the new proposal.
Moreover, Binance found the opt-in proposal will take time to implement and traders may not vote. Thus, the crypto exchange has come up with a faster way to support the community.
The first batch of LUNC trading fees burn is applicable for the period starting September 21 to October 2. Binance will exclude fee rebates on LUNC spot and margin trading pairs toward Binance Spot Liquidity Provider Program for the week.
Moreover, Binance will convert trading fees in other tokens to LUNC on every Monday. Also, Binance CEO has said the crypto exchange will bear the burn costs, not the users. However, the Terra Classic (LUNC) burn will not impact BNB fee discounts, fee rebates, or other fee 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 supply decrease of LUNC, which is what the community wants.”
Terra Classic (LUNC) Price Jumps Over 70%
After the announcement of burn on the spot and trading pair trading fees, the LUNC price jumped over 70%. The price was trading 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 over 20% in an hour.
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