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Cryptoknowmics 2022-09-26 13:33:05

Binance To Implement Terra Classic Burn Mechanism On Trading Fees

Binance will introduce a burn mechanism to burn all trading costs on LUNC spot and margin trades by sending them to the LUNC burn address, following the LUNC community’s suggestion on burning trading costs while keeping a positive trading user experience. This notification will be revised every week until further notice with the precise quantity of LUNC to be burnt, its equivalent in USDT, and the on-chain transaction ID. Off-Chain Burn Mechanism Binance has unveiled an off-chain burn mechanism in assistance of the Terra community’s efforts to restore the Terra LUNA Classic (LUNC) coin. The exchange changed its burning strategy in response to the community’s conflicting opinions. The exchange will impose an optional 1.2% fee when trading LUNC, according to a blog post by Changpeng Zhao, CEO of Binance, on September 23. Zhao stated that the 1.2% tax would be implemented for all LUNC trading if traders who want to pay the tax account for 50% of the entire volume of LUNC trading on the exchange, leaving users’ choice. Announcement of Modified Plan Zhao exposed the shortcomings of their prior strategy a few days after the post. As a result, Binance announced a modified plan to encourage the revival of LUNC. Zhao claims that the exchange will now totally burn every trading charge it gets from its spot and margin trading pairings for LUNC/BUSD and LUNC/USDT. The fees will be turned to LUNC and delivered to the LUNC burning address. ...

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