In response to proposals from the LUNC community, Binance has decided to burn all fees on LUNC spot and margin trading pairs. Binance said it would send the trading fees and margin trading pairs to LUNC burn addresses. The announcement was made via a blog post on Binance’s official website. The Terra Classic community expressed dissatisfaction with an ‘opt-in button proposed by Binance CEO. Binance offered the opt-in button to allow users to choose whether to implement a 1.2% tax burn on their spot. Related Reading: ETH Struggles To Break Past $1,300 Resistance – Back To $1K? After careful evaluation and consideration, Binance decided to take cognizance of the community’s dissatisfaction and set a new proposal. However, during their assessments, Binance also discovered that implementing an opt-in proposal would take time, and traders may not support it. Therefore, proposed a better and faster way of assisting the Terra Classic community. Details Of Binance’s New Burn Mechanism On Tera Classic Spot According to Binance, it would update the amount of LUNC to be burned, its USDT equivalent, and on-chain transaction ID weekly. In addition, the blog announcement outlined rules that would guide the burn mechanism. Binance would calculate the total trading fees on LUNC spot and margin trading pairs to be burned from the previous week every Monday at 00:00:00 UTC. Successive on-chain burn transactions and repor...
