{"id":67685,"date":"2022-09-26T15:09:45","date_gmt":"2022-09-26T12:09:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67685"},"modified":"2025-09-07T08:00:18","modified_gmt":"2025-09-07T05:00:18","slug":"binance-launches-terra-classic-burn-mechanism","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-launches-terra-classic-burn-mechanism\/","title":{"rendered":"Binance launches Terra Classic burn mechanism"},"content":{"rendered":"<p>The cryptocurrency exchange Binance has decided to burn all fees charged on the platform&#8217;s LUNC\/BUSD and LUNC\/USDT spot and margin pairs.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">\u00bb Binance To Implement Terra Classic (LUNC) Burn Mechanism<\/p>\n<p>Quick thread on what we\u2019re doing and why below.<a href=\\\"https:\/\/t.co\/b86RlCGPmv\\\">https:\/\/t.co\/b86RlCGPmv<\/a><\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\\\"https:\/\/twitter.com\/cz_binance\/status\/1574333349124100098?ref_src=twsrc%5Etfw\\\">September 26, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Trading fees will be redirected toward conversion into Terra Classic (LUNC) with assets subsequently sent to the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-coin-burning-and-how-does-it-affect-prices\">burn address<\/a>.<\/p>\n<p>The size of the first batch will be calculated from September 21 at 00:00 (UTC) to October 1 at 23:59:59 (UTC).<\/p>\n<p>The exact number of coins subject to burning, their US dollar equivalent value, and the network transaction ID will be updated weekly until further notice.<\/p>\n<p>The initiative is aimed at reducing the LUNC supply.<\/p>\n<p>The platform is prepared to do this at the expense of its commercial interests to support Terra&#8217;s ecosystem users, the exchange&#8217;s representatives explained.<\/p>\n<p>LUNC&#8217;s price jumped 36.8% on the news. Over the last 30 days the asset has risen 2.5x.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"578\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/LUNCUSDT_2022-09-26_15-03-23-1024x578.png\\\" alt=\\\"Binance introduced Terra Classic burn mechanism\\\" class=\\\"wp-image-185896\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/LUNCUSDT_2022-09-26_15-03-23-1024x578.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/LUNCUSDT_2022-09-26_15-03-23-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/LUNCUSDT_2022-09-26_15-03-23-768x433.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/LUNCUSDT_2022-09-26_15-03-23.png 1490w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Hourly chart of LUNC\/USDT on Binance. Data: TradingView.<br \/><\/figcaption><\/figure>\n<\/div>\n<p>On September 25, Binance made a<a href=\"https:\/\/u1f987.com\/en\/news\/binance-to-implement-terra-classic-burn-tax-via-subscription-after-trader-quorum-is-reached\"> decision to introduce the transaction tax<\/a> on LUNC operations.<\/p>\n<p>Back on August 26, 2022, Terra Classic <a href=\"https:\/\/u1f987.com\/en\/news\/terra-luna-classic-price-up-about-400-after-token-burn-mechanism-activation\">activated the v22 update<\/a>, which embedded a 1.2% transaction tax into the blockchain. The cryptocurrency obtained through these fees is withdrawn from circulation, exerting deflationary pressure on LUNC&#8217;s supply.<\/p>\n<p>In May, Binance CEO Changpeng Zhao disclosed that the platform <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-reveals-binance-losses-from-terra-investments\">is one of the largest investors<\/a> in Terraform Labs.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Binance has decided to burn all fees charged on the platform&#8217;s LUNC\/BUSD and LUNC\/USDT spot and margin pairs.<\/p>\n","protected":false},"author":1,"featured_media":67686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,852,1258],"class_list":["post-67685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-terra","tag-tokenomics"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=67685"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67685\/revisions"}],"predecessor-version":[{"id":67687,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67685\/revisions\/67687"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/67686"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=67685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=67685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=67685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}