Binance Burns $922,800 Worth of LUNC From Trading Fees

Vignesh Karunanidhi
Binance Burns $922,800 Worth of LUNC Fees From Trading Fees
Source: Payment Expert

Binance burns its second “Luna Classic” burn of commissions from spot and margin trading pairings shortly after the announcement.

Following the tragic failure of Terra and its assets, LUNC and UST, and Do Kwon’s resignation, the effort transformed into a community-driven organization. Binance, a well-known cryptocurrency exchange, appears to be backing the initiative right now. To begin, the platform stated on September 26 that it will burn all trading costs for LUNC spot and margin pairs.

Binance unveiled the first burn numbers, which stood at $1.86 million worth of LUNC. The LUNC burns have received their second update, according to Binance. From 02-10-2022 to 08-10-2022, the exchange was able to burn the following amount of LUNC.

Binance burns $922,800 worth of LUNC

As stated in its release, Binance destroyed the LUNC it received from LUNC trading fees on its site. Furthermore, the exchange said that it will provide weekly updates on its burning.

The exchange reported burning LUNC worth $922,800 in its most recent update. The exchange did note, however, that the burning process wouldn’t have an impact on margin trading and LUNC spot trading costs.

LUNC burn

According to information from the LUNC burner, 17,950,896,183.17 of its supply has been sent to dead wallets. This is 0.260559% of the overall Luna Classic supply. However, 3,002,702,196.86 LUNC have been burned over the past 24 hours. As a consequence, the tax has burnt through 147,001,777 LUNC.

Over the last several days, the bulk of market assets only experienced marginal gains. However, LUNC has soared by more than 60% during the last month. The asset was up 4.2% at the time of writing and was trading at $0.0003055.

TerraClassic US (USTC) also gained 37% in the last 24 hours as a core developer unveiled plans to re-peg the stablecoin that lost more than 90% of its value.