Terra Luna Classic community actively awaits crypto exchange Binance to continue its Lunc burn mechanism. With the community passing all 3 key proposals and a software upgrade proposal, the speculation over billions of LUNC burn returning to the community is all over Crypto Twitter.
Binance, the largest contributor to the Lunc burn campaign, has burned over 20 billion LUNC tokens in just 3 months. However, the crypto exchange on December 28 announced reducing contribution to the community to reduce the LUNC supply due to Proposal 10983 and Proposal 11111. Binance will now burn 50% of the LUNC spot and margin trading fees instead of 100%.
In Batch 7 of Binance Lunc burn, the crypto exchange will send 50% of trading fees on LUNC spot and margin trading pairs to a new burn address. The LUNC sent to this address will not remint LUNC from the burn tax and contributed to the community pool. At present, the reminting process is turned off after the community passed a proposal to completely prevent reminting from the 0.2% burn tax.
Unfortunately, the Binance Lunc burn will not be much higher, but it will be enough to compensate for the recent slowdown in the burn rate. Considering the recent market conditions, LUNC price changes, and trading volume on Binance, the LUNC burn on March 1 is expected to be below 10 billion, which calculates from Nov 30 to Feb 27 period.
Terra Luna Classic Price To Rally After Binance Burn?
The Terra Luna Classic community passed the key Proposal 11367 “Upgrade v1.1.0” by core developer Edward Kim. The proposal contains governance-approved features to the Terra Classic blockchain, including a tax exemption list, burn tax split, no-reminting of the burn wallet, as well as mandatory security updates. These were the change requested by Binance to continue LUNC burn.
LUNC price is currently trading at $0.0001626, up 1% in the last 24 hours. The price has decreased by 4% in a week. Moreover, the 24-hour low and high are $0.000161 and $0.0001642, respectively.
The trading volume has decreased by 15% in the last 24 hours, indicating a decline in interest among traders.
Also Read: Bitcoin Price Risks Massive Fall As Central Banks Sparks Bearish Sentiment?
The post How Much Terra Luna Classic (LUNC) Will Binance Burn? appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks