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Binance Burns 3 Billion Terra Classic In Second Round Of LUNC Trading Fee Burns

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Binance continues LUNC burn initiative, giving up trading fees.


In a tweet by LUNC DAO, a Terra Luna Classic (LUNC) community validator moments ago, the validator disclosed that world-leading exchange Binance had sent nearly 3 billion LUNC worth about $1 million to the Terra burn wallet as part of its burn initiative to support the network.

Transaction Details: https://finder.terra.money/classic/tx/B16C36B73EE4DA971D0AA6A63C6E701147A1F162BD91F5E5245C03661C35AA94

 

Notably, the transaction had first been flagged by LunaBurnTracker, a Twitter account dedicated to tracking LUNC burns.

It bears mentioning that Binance is yet to update this transaction on the blog post dedicated to tracking the burn event. However, it should be updated on or before 00:00 UTC on Tuesday.

As reported by The Crypto Basic on September 26, Binance disclosed that it would be burning all fees obtained from LUNC trading activity in response to demands from the LUNC community that a 1.2% tax be implemented on off-chain transactions. It is believed that the initiative will be discontinued after 4-weeks should other exchanges not follow suit.

Notably, about 5.5 billion LUNC was burnt in the first round of trading fee burns. Today’s burn puts the total burn by Binance from trading fees at about 8.5 billion LUNC. It comes at a $2.8 million cost to the exchange.

Since the LUNC community introduced burns, about 17.9 billion LUNC have been burnt. Binance burns from trading fees now represent over 47% of that number. Meanwhile, the 1.2% burn tax on on-chain transactions has only burned about 5 billion LUNC, only about 28% of the total.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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