After agreeing to join Luna Calssic’s tax burn, Binance has officially implemented the Luna Classic burn mechanism on its trading platform.
Binance was one of several cryptocurrency exchanges that agreed to implement Luna Classic’s burn mechanism on transactions.
Luna Classic’s LUNC token and Luna 2.0 rose sharply on September 26 in reaction to Binance’s news.
Binance to apply Luna Classic burn mechanism
On September 27 Binance announced that they will be implementing a burn mechanism for all trading fees on spot and margin. Binance will send the burned tokens to Luna Classic’s official burn address.
The cryptocurrency exchange further stated that exact burn quantities as well as the transaction ID of burnt tokens delivered to the burn address would be posted and updated on the announcement page each week.
From Binance’s statement on implementing Luna Classic’s burn mechanism:
The calculation of total trading fees on LUNC spot and margin trading pairs to be burned from the previous week will be done every Monday at 00:00:00 (UTC). The subsequent on-chain burn transaction and weekly report will be updated by each Tuesday at 00:00:00 (UTC).
Binance also clarified that starting September 27, 2022, Binance's Spot Liquidity Provider Program will halt rebates for Luna Classic spot and margin trading pairings.
Fortunately for Terra Luna Classic holders, the burn is only the first of many milestones to come.
Luna Classic price
Luna Classic and Luna ecosystem investors celebrated the announcement on Twitter. After the announcement, Luna Classic rose sharply, regaining much of what it lost over the weekend.
Luna Classic’s LUNC token is up 37% over the last 24 hours and up 13.7% over the last 7 days.
Get the latest on Luna 2.0, Luna Classic and the Luna ecosystem.