Binance Implements Terra Classic’s Burning Mechanism

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Crypto exchange Binance has decided to burn all fees charged on the LUNC/BUSD and LUNC/USDT spot and margin pairs listed on the exchange.

The platform will use the trading fees to convert to Terra Classic (LUNC) with the subsequent sending of assets to the address for burning.

The size of the first batch will be calculated from September 21 at 0:00 (UTC) to October 1 at 23:59:59 (UTC).

The specific number of coins to be burned, their USD equivalent value, and the network transaction ID will be updated every week until further notice.

The objective of the initiative is to reduce the LUNC supply.