How Much Terra Luna Classic (LUNC) Will Binance Burn?

How Much Terra Luna Classic (LUNC) Will Binance Burn?

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.

Crypto Feed:
Varinder Singh