Binance LUNC burns will now take place monthly.
Binance, the world’s largest crypto exchange by trading volume, has contributed immensely to the revival of Terra Classic (LUNC). The exchange has been burning fees obtained from Terra Classic spot and margin trading pairs for over a month.
As reported today, Binance completed the incineration of LUNC trading fees for the fifth week. During the exercise, Binance burnt a total of 1.26 billion LUNC, worth $306,406. In just five weeks, the exchange has burnt roughly 13.7 billion LUNC, representing over 50% of the entire Terra Classic tokens burnt.
Binance to Burn LUNC Monthly
It is worth mentioning that the recent burn made by Binance marks the beginning of a new practice by the exchange. Henceforth, Binance will no longer burn LUNC tokens on a weekly basis. The exchange will now conduct all LUNC burns monthly.
“The LUNC burn mechanism will take place on a monthly basis after the fifth batch of trading fees on LUNC spot and margin trading pairs has been burned, instead of a weekly basis,” Binance said in an announcement.
Based on the development, the sixth batch of Binance’s LUNC burn will take place on December 1, 2022. According to Binance, it will calculate LUNC trading fees for spot and margin trading pairs from October 30, 2022, at 00:00:00 (UTC) to November 29, 2022, at 23:59:59 (UTC).
Binance Contribution to LUNC Burn
Binance has played an integral role toward the revival of LUNC value. At the time of writing, 26 billion LUNC ($6.3 million) have been burnt in total.
Out of the total LUNC destroyed via the ongoing burn program, Binance is responsible for burning more than 50% of these coins.
At the time of writing, LUNC is changing hands around $0.00024268, down 0.5% from its yesterday’s value. According to Coingecko data, LUNC is the 36th largest cryptocurrency with a market cap of $1.67 billion.