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Binance introduced a transaction fee burn after Terra Classic introduced a 1.2% burn tax on all on-chain transactions.
After months of slumping to near zero, Luna Classic is skyrocketing.
according to CoinGecko data, Terra Classic’s native token is trading at around $0.0003, up 35% today, boosted by an announcement from Binance detailing plans to start burning LUNA Classic trading fees.of monday blog postthe world’s top cryptocurrency exchange has revealed it will burn trading fees on spot and margin trading pairs of coins. It states that it will be updated weekly with on-chain data showing the token.
Binance and other cryptocurrency exchanges have been asked by the so-called Lunatics of the Terra Classic community to start burning LUNC tokens after the blockchain brought major changes to its tokennomics last week. On September 20th, Terra Classic introduced his 1.2% burn tax on all transactions with the aim of reducing the total supply of LUNC tokens from 6.9 trillion to 20 billion. In theory, the tax was intended to put deflationary pressure on the token, but it has seen a sharp drop in the last week despite a drop in supply.according to Data from TerRarity, about 1.8 billion LUNCs were burned in the past week. That equates to around $540,000 at current prices, just under the Terra Classic’s $2 billion market cap.Also, if the LUNC is stormy moon Apart from today’s rise, along with the broader crypto market. Since September 8th, it is down almost 50%.
Binance CEO Changpeng CZ Zhao commented A post on Twitter on Monday explains why the company chose to post over previous plans to start posting opt-in deals. “Charges are converted to LUNC and sent to the write address. Burns are paid at our expense, not at our users,” he wrote. We can be fair, the trading experience and liquidity will remain the same, and Binance will be able to contribute to the decreasing supply of LUNC that the community wants.
It has been a tumultuous few months for the Terra community and its key players since the first iteration of the Terra blockchain and its UST stablecoin were compromised. $40 billion wipeout May. Terra then became Terra Classic and Terraform Labs launched a new blockchain called Terra 2.0 that got rid of the crumbling UST stablecoin. His LUNA token on Terra 2.0 also rose double digits today, breaking above $2.76 after weeks of declines. The increase in LUNC and LUNA was explained by Do Kwon, CEO of Terraform Labs. Placed on Interpol’s Red Notice List About his role in the fall of Terra.Korean entrepreneur finally surfaced On September 17, he told his Twitter followers that he was not “on the run.” A red notice means he is currently a wanted fugitive in 195 countries.
Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.
