The world’s largest cryptocurrency exchange, Binance, continues to support Terra Classic (LUNC), the new token of the Terra ecosystem, which rose from the ashes after its dramatic collapse. In this context, it implements a burning program in order to reduce the supply of the altcoin project’s token LUNC. Now Binance has changed the LUNC burning program from weekly to monthly.
Binance LUNC burns will now occur monthly
cryptocoin.com As you follow, Binance, the world’s largest crypto exchange by trading volume, contributed greatly to the revival of Terra Classic (LUNC). The exchange has been burning fees from LUNC spot and margin trading for over a month.
Binance has completed the burning of LUNC transaction fees for the fifth week. During the exercise, Binance burned a total of 1.26 billion LUNC worth $306,406. In just five weeks, the exchange burned nearly 13.7 billion LUNC. This represents more than 50% of all LUNC tokens burned.
Binance announced a new development for this burning program today. From now on, Binance will no longer burn LUNC tokens on a weekly basis. The exchange will now run all LUNC burns on a monthly basis. Binance made the following statement in the announcement:
The LUNC burn mechanism will occur monthly, not weekly, after the fifth party transaction fee is burned on LUNC spot and margin trades.
Based on this development, the sixth batch of Binance’s LUNC burn will take place on December 1, 2022. According to Binance, starting October 30, 2022, it will calculate LUNC trading fees for spot and margin trades at 00:00:00.
Binance contribution to altcoin project’s LUNC burn action
Cryptocurrency exchange Binance has played an integral role in the revival of the LUNC value. At the time of writing, a total of 26 billion LUNC have gone to burn wallets. The approximate cost of this is 6.3 million dollars. Of the total LUNC destroyed through the ongoing burning program, Binance is responsible for burning more than 50% of these cryptocurrencies.
At press time, LUNC has lost 1.5% in the last 24 hours, according to data from CoinMarketCap. The altcoin is currently trading at $0.0002414 dollars. LUNC’s current market cap is $1.59 billion. It ranks 36th in the cryptocurrency league in terms of market cap. LUNC is a continuation of the ecosystem’s legacy token LUNA. So in its current state its value is actually reset. LUNA hit an all-time high of $119.18 about 7 months ago.
