Terra Classic (LUNC) Price Spike 40% As Binance Decides To Burn All Trading Fees Of LUNC
Recently, Binance, one of the largest cryptocurrency exchanges, had agreed to support a 1.2% tax burn for Terra Classic (LUNC) and TerraClassicUSTC (USTC) on all-chain activities. This is live since September 21 2022.
Now, with the latest update, Binance has come forward to implement burning of all trading fees on LUNC spot and margin trading against BUSD and USDT by transferring them to LUNC burn address.
Initially, the exchange had planned to come up with a burn-in subscription while introducing a full burn-in tax, but Binance rejected the plan. As per Binance CEO Changpeng Zhao the introduction of the subscription plan would be a technical hindrance and even the community had a negative approach towards the plan.
Instead, we have decided to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance. Fees will be converted to LUNC then sent to the burn address. The burn is paid at our expense, not the users’.— CZ Binance (@cz_binance) September 26, 2022
As per the official announcement, every monday at 00:00:00 (UTC) the trading fees of LUNC spot and margin pairs will be burnt.
Interestingly, CZ gave out a three-step plan which will help him decide whether to go ahead with tax burn or not.
However, after a few issues that CZ spotted, he arrived at a decision to burn off all the trading fees that are gained on LUNC/BUSD and LUNC/USDT spot and margin trading pairs on the platform.
Terra Classic (LUNC) Up By 40%
Just a few minutes after the news broke out, Terra Classic (LUNC) experienced a whooping spike of more than 25%. At the time of reporting, the altcoin is trading at $0.000327 with a jump of 43% over the last 24hrs.
Earlier in the morning, with the news surrounding its founder Do Kwon, Terra Classic (LUNC) had plunged more than 8%. Today, as per South Korean officials, Interpol has issued a Red Notice to Terra network founder Do Kwon.Source