The cryptocurrency exchange will burn all trading fees on its spot and margin pairs for LUNC/BUSD and LUNC/USDT following community feedback.
The Terra community is working to resuscitate the old Terra token, now known as Terra Classic (LUNC), with the support of Binance, the largest cryptocurrency exchange in the world and the holder of possibly the most LUNC liquidity.
The exchange made the decision to burn all trading commissions it had accrued on LUNC spot and margin pairs versus BUSD and USDT public late last month.
The third batch of the Binance burn mechanism saw the exchange fulfill its promise by burning 2.5 billion LUNC tokens. Approximately 11 billion LUNC tokens had been sent to the burn address by the time the third batch was complete.
On October 17 at 12:38 PM UTC, Binance transferred approximately 2.5 billion Terra Classic (LUNC) tokens, valued at over $650,000, to the burn address. The transaction fee for the burn transaction is 30 million LUNC tokens.
Related: LUNC increases its market cap by more than $700 million just hours after Binance implemented burn on trading fees
The third batch consists of LUNC trading commissions from margin and spot transactions between October 9 and 15. On October 3 and October 10, respectively, Binance burnt approximately 5.59 billion and over 2.99 billion LUNC coins.
Binance purchases LUNC and sends it to the LUNC burning address using the fees collected from users who trade LUNC on their platform. The CEO of Binance believes that by carrying out this operation, the exchange would be able to help in reducing the supply of LUNC and serve every consumer equitably.