Binance Burns 3 Billion Terra Classic In LUNC Trading Fee Burns

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There were 6.86 trillion LUNC tokens in circulation at the end of the most recent colossal burn.

Because of this, the price of a new Terra Classic increased by about 4% during the previous day. 

Nearly Three Billion LUNC Have Been Delivered To The Burn Address By Binance

More than 2,95 billion LUNC coins were shipped to Binance’s destruction address on 10/10/2018 at 10:00 AM. In addition, the total cost of the transaction is calculated to be 36.92 million LUNC. 

On October 3, the cryptocurrency exchange was responsible for destroying more than 5.56 billion LUNC tokens. Binance had previously stated that it would eliminate the transaction fees related to LUNC margin and spot trades. 

The maximum amount of money spent on trading will not exceed 0.1% of LUNC. This limit will be adhered to regardless of how LUNC is consumed.

Regardless, many are annoyed with Binance’s wasteful LUNC usage. It demonstrates Binance’s dedication to the Terra community, which has been met with an overwhelmingly positive response. 

In point of fact, during the most recent session of Ask Me Anything. Binance’s CEO, known as “CZ,” has strongly recommended that LUNC coins be removed from all trading platforms. 

Over 5% of Additional Cost Has Been Added To LUNC

Nearly the last twenty-four hours, the value of LUNC has risen by over 5%. One LUNC token has ranged in price from $0.00029 (midpoint) to $0.00031 (peak) over the past 24 hours.

LUNC gained over 3% from $0.00020 to $0.00030 after this post was released. During this time, the volume of transactions has nearly increased by 85 percentage points compared to the previous day’s activity. 

Support for reviving Terra Classic has grown substantially, which is quite encouraging. Binance is to blame for the loss of over 8.5 billion LUNC tokens. 

A total of 675,960 LUNC tokens have been staked. The community has burned almost 17 billion LUNC coins. Across all platforms, there are now 6.88 quintillion tokens that are still active in circulation.

The cryptocurrency community petitioned Coinbase to include LUNC when LUNC requested a 1.2% levy on non-blockchain transactions. LUNC group asked for a fee of 1.2% on all off-chain operations.

As reported by The Crypto Basic on September 25, Binance has replied by declaring it will destroy all fees earned from LUNC market activity. The idea is predicted to be abandoned if additional exchangers don’t join over the next four weeks.

The first-day trading fees totaled almost 5.6 billion, which was burned. So far, Binance has burned up more than 8.6 billion LUNC in market costs. It will have a $2.5 million value in the marketplace.

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