How Much Terra Luna Classic (LUNC) Can Binance Burn This Year?
✍️ 3 October, 2022 - 9:05 👤 Editor: Jakub Motyka
- LATEST NEWS: Binance: Result Of The Burning Of Terra Luna Classic (LUNC).
- The amount of Terra Luna Classic (LUNC) burned in Binance is equivalent to the value of the USDT. It applies to all the transactions. LUNC has jumped over 50% in the past day following the announcement.
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Terra Luna Classic (LUNC) has made a comeback after Binance announced plans to cut the token supply and apply the LUNC burn tax. The token, trading as LUNC, is up 52% in the past day, according to CoinMarketCap.
Binance CEO, Changpeng Zhao, has announced plans for the exchange to burn all the LUNC fees. The burn will apply to Binance USD and Tether trading pairs.
Zhao adds that the amount for the burn is equivalent to its value in USDT of the on-chain transactions. The exchange said it would update the amount each week. A Twitter user, @TerraRabel, estimates the burn by Binance alone to reach a trillion mark.
Last Minute Change Of Plan About The Terra Luna Classic (LUNC) Burn In Binance
Binance announced on Friday that it would have an opt-in button for the users. Its founder, Zhao, added that the users were to pay 1.2% for LUNC trading. The executive later reported that the community had resented the idea.
The exchange is now seeking to burn trading fees for spot and margin pairs of LUNC and USD. Binance has also included the USDT pairs in the burn. The plan will have the fees converted to LUNC and transferred to the burn addresses. It will then be credited to the users' accounts.
Binance Releases Burn Records, How Much LUNC Will They Burn This Year?
According to Binance’s latest update, the platform will calculate the trading fees every Monday at 00:00:00 UTC. The amount will include all the computation of the overall amount on LUNC spot margin trading pairs. The burn will also include that of the previous week.
Update on-chain burn transactions and weekly reports will be released every Tuesday at 00:00:000 UTC. The first batch of the fees for spot and margin trading pairs will start on September 21. It will reportedly not affect BNB fee discounts, fee rebates, or any of their adjustments.
LUNC Trading Activity Surges To Record Level
The announcement has seen Terra Classic investors flock to the network. The trading volumes in the past days alone are up 248% at $2.2 billion. The token is currently priced at $0.0002952, with the market capitalization at $1.8 billion.
Similarly, the sentiment has spilled over to the value of Terra LUNA. The forked asset is up 13% at $2.6. Its trading volumes are up 195% at $730 million. Terra community passed a proposal for a 1.2% tax burn for on-chain transactions. It took the step to revive the collapsed Terra network after its stablecoin, TerraUSD, lost peg to the USD value.
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