Binance Burns $1.8M in LUNC Trading Fees Following Community Proposal

According to the crypto exchange, the burn was equivalent to 1,863,213.47 USDT, or approximately 5.5 million LUNCs.

Cryptocurrency exchange Binance has announced that it has completed the first use of Terra Classic token trading fees in response to a September community proposal.

In an October 3 update, Binance CEO Changpeng Zhao said the exchange burned around $1.8 million in trading fees Terra Classic (LUC) - formerly Terra (LUNA) - for LUNC/BUSD and LUNC/USDT spot and margin transactions. pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether (USDT) - approximately 5.5 million LUNC.

First LUNC burn, $1.8m-ish.https://t.co/b86RlCYqe3

The exchange's initial September 26 announcement stated that burns would be completed every Monday - the next event being October 10 - by sending trading fees to a LUNC burn address. Many in the Terra community have offered the burn strategy as part of efforts to relaunch LUNC, the price of which fell to near zero in May and briefly jumped more than 250% in September.

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