Binance, Terra Classic (LUNC) made a statement regarding the burning of tokens. The burning details, which are very critical for LUNC, excited the community. Here are the details.
Prominent cryptocurrency exchange Binance announced that it will make LUNC burns more regular. This means that he will regularly support the LUNC burn. Binance also burned fees on Terra Classic spot and margin pairs. These fees were recorded as 13.712 billion LUNC in October.
The Terra Classic community also showed its strength in the same period. The community announced that it has burned 26,361 billion LUNC tokens. These burns came from validators including Allnodes, LUNC DAO. Allnodes has burned over 26 million times today alone.
Binance Regularizes LUNC Burn
In the fifth period of the weekly burning mechanism, the mechanism was changed after 1.26 billion burns. Binance has announced that it will burn LUNC on a monthly basis. This is why Binance will burn trading fees on spot and margin trading pairs from October 30 to November 29 on December 1.
On the first day of each month, Binance will calculate the total transaction fees for the previous month’s Terra Classic trading pairs. Next on-chain burns and monthly report will be updated next day.
Binance first burned 5.5 billion on October 31. In my second burn, I burned 1.26 LUNC and excited the community. As a matter of fact, ever-changing blockchain rules and low trading volume have taken a toll on the price. As a result, the token price dropped.
The Community accepted Proposal 5234, which effectively reduced the tax burn from 1.2% to 0.2%. Terra RebelsAfter announcing offers for new validators and increasing utility on the Terra Classic blockchain, Terra Classic validators have also increased.
He also accepted Proposal 8813 to establish the Terra Grant Program led by Edward Kim, lead developer of Terra Rebels. The program will receive 1.6 million USTC to run the program.
Time will tell if the news from Binance and the community will eventually increase the token price.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.