The world’s largest crypto exchange Binance on Thursday announces plan to delist and update the leverage and margins for the USDⓈ-M 1000LUNCBUSD Perpetual Contract. It is a surprising move by Binance that could significantly impact the overall trading volume of Terra Classic (LUNC) on the crypto exchange. Users are advised to close any open positions prior to the delisting time to avoid automatic settlement.
According to an official announcement on June 1, crypto exchange Binance to delist the USDⓈ-M 1000LUNCBUSD Perpetual Contract on June 8 at 09:00 UTC. The exchange will close all positions and automatically settle the 1000LUNCBUSD perpetual contract.
Moreover, Binance has revised leverages and margins for the USDⓈ-M 1000LUNCBUSD Perpetual Contract from June 1. Users are requested to adjust the position and leverage in order to prevent any potential liquidation related to the 1000LUNCBUSD Perpetual Contract.
Binance has significantly reduced leverage for positions, with a notional value of 0 to 100,000 BUSD. Users trading USDⓈ-M 1000LUNCBUSD Perpetual Contract with 0 to 5000 positions are most impacted, with leverage reduced to 9-10x from 11-20x.
The crypto exchange claims the changes will protect users and prevent potential risks amid the volatile market conditions. Further protective measures will be taken related to the USDⓈ-M 1000LUNCBUSD Perpetual Contract including adjusting the maximum leverage value, position value, and updating funding rates.
Terra Classic to under major changes in June including CosmWasm v2.1.0 parity upgrade by core developer Joint L1 Task Force, developer Edward Kim’s AI app chain “Block Entropy,” burn rate, validator commission fees, and others. These will potentially push up LUNC prices after June.
LUNC price jumped 2% in the last 24 hours, with the price currently trading at $0.000085. The 24-hour low and high are $0.0000829 and $0.0000851, respectively. Moreover, the trading volume has increased in the last 24 hours.
Also Read: Terra Classic Dev L1TF Unveils Edward Kim AI Chain “Block Entropy”, LUNC Price To $1
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