Binance has announced that it has completed its first Terra Classic token trading fee burn in response to a community offer since September.
In an update on Oct. 3, Binance CEO Changpeng Zhao saidThe exchange burned $1.8 million worth of Terra Classic (LUNC), formerly Terra (LUNA), by trading fees for spot LUNC/BUSD and LUNC/USDT and margin pairs. According to Binance, the burn is worth 1,863,213.47 Tether (USDT) — roughly 5.5 billion LUNC.
It was previously announced that theburn to finishEvery Monday – making the next time Oct. 10 – with trading fees sent to the LUNC burning address, many in the Terra community have proposed a token-burning strategy to become a “token burning strategy”. It’s part of an effort to revive LUNC, where prices dropped to near zero in May. and a short-term increase of more than 250% in September.
Terraform Labs co-founder Do Kwon, who many in the crypto space wants him to be responsible for the collapse of Terra, is being targeted by South Korean authorities for violating the country’s capital markets law.
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