Terra Luna Classic (LUNC) Explodes Over 82% After Binance Implements New Fee Burn System

Terra Classic (LUNC), a remnant of a former top 5 crypto project, is rallying hard with the news that Binance will implement a fee burning mechanism in support of the LUNC community’s proposal.

Terra Classic is a rebranded version of Terra (LUNA). Terra (LUNA) is a project that wiped out a market cap of over $40 billion after the stablecoin UST went to virtually zero when it lost its peg.

Binance CEO Changpeng Zhao Said The world’s largest exchange in terms of volume burns all LUNC fees from the Binance USD (BUSD) and Tether (USDT) trading pairs.

We have decided to burn all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance.

Charges are converted to LUNC and sent to the write address. Burns are paid at our expense, not at the user.

In this way, all users can be treated fairly. The trading experience and liquidity remain unchanged, allowing Binance to contribute to the decreasing supply of her LUNC that the community has been hoping for.

Zhao originally stated that he wanted to add an “opt-in” button to the mechanism, but changed his mind after receiving community feedback.

After the announcement, LUNC rose from $0.000181 to $0.00033 within hours, an increase of over 82%. LUNC has a 24-hour trading volume of $2.3 billion, significantly higher than other top crypto assets such as Solana (SOL) and Binance Coin (BNB).

However, LUNC is down essentially 100% from its all-time high of $119, and its founder Do Kwon has said Interpol’s being searched by Interpol has since complied with the order and is now seeking his arrest.

Terraform Labs, the development company behind Terra, has also been hit with lawsuits from users who claim the project operates like a Ponzi scheme, especially with regards to the UST stablecoin.

A spokesperson for Terraform Labs released a statement to The Daily Hodl saying the allegations are nonsense.

“Terraform Labs does not comment on the pending lawsuit, but says the allegations are nonsensical and it intends to defend itself fully.”

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