The Binance cryptocurrency exchange will burn all trading commissions on its spot and margin pairs for LUNC/BUSD and LUNC/USDT following community feedback.
The Terra community is working hard to revive the Terra (LUNA) token, now known as Terra Classic (LUNC), and Binance, one of the top cryptocurrency exchanges in the world and the owner of what may be the most LUNC liquidity, has decided to burn all trading commissions that the exchange has collected on LUNC spot and margin pairs against BUSD and USDT.
Zhao claims that the exchange would now entirely burn every trading charge it has ever received from its spot and margin trading pairings for LUNC/BUSD and LUNC/USDT.
Following the announcement of this information, the price of LUNC immediately increased, and in just over five hours, the token’s market cap increased by about $770 million. Prices had previously fallen to an intraday low of $0.18 before rising to $0.33
Last week, Binance revealed an off-chain burning mechanism; however, following conflicting feedback from the community, the exchange changed its burning strategy.
On September 23, Binance CEO Changpeng Zhao said that the exchange would impose a 1.2% trading tax on LUNC. Zhao stated that the 1.2% tax will be implemented for all LUNC trading if traders who want to pay the tax account for 50% of the total volume of LUNC trading on the exchange, leaving users’ discretion.
Binance unveiled a revamped approach to aid in the recovery of LUNC days after CEO Zhao revealed the shortcomings of their previous strategy in a tweet. The new solution’s announcement significantly affected price movements and erased any losses that had been incurred as a result of the news that former goalkeeper Do Kwon had been listed as wanted by Interpol.
The fees will be converted to LUNC and delivered to the LUNC burning address. The CEO of Binance thinks that by doing this, the exchange will be able to help reduce the supply of LUNC and treat all customers fairly.