The burn mechanism for Terra Classic (LUNC) trading has finally been implemented, according to cryptocurrency exchange Binance.
"Binance will implement a burn mechanism to burn all trading fees on spot LUNC and margin trading pairs by sending them to the Terra Classic burn address," Binance said.
Changpeng Zhao, the CEO of Binance, stated in a tweet on his Twitter account that Binance's contribution to the decline in Terra Classic supply.
Fast React Market
Traders reacted positively to Binance's announcement. The token is currently up 52.94 percent in the last 24 hours, valued at $0.0003017 as of 10:04 WIB on Tuesday (27/09/2022), according to Coinmarketcap market cap data.
Terra Classic implemented a 1.2 percent burn on each transaction on September 20, with the goal of reducing the total token supply from 6.9 trillion to 20 billion. This implementation is meant to increase the token's deflationary pressure, but over the last week, Terra Classic has seen a sharp drop even as supply has decreased.
According to data from TerRarity, about 1.8 billion LUNCs have burned over the past week, or the equivalent of $540,000 at current prices. But this value is not enough to reduce the market cap of $2 billion.
Binance Does Not Charge Users.
In addition, in the report, Binance will conduct the first batch of burnings, which will be counted from September 21 to October 1.
Meanwhile, the burning will be carried out at 1.2% according to CZ's decision in its statement Monday 26 September.
"Trading and liquidity remain the same, Binance can still contribute to a reduction in the supply of Terra Classic that the community wants," said CZ.
Trading LUNC/BUSD and LUNC/USDT on Binance will not result in any additional fees, BNB rebates, or other forms of user rebates.
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