The behemoth cryptocurrency exchange Binance has released a report citing its recent changes to the LUNC burning of trading fees.
According to the report, Binance will cut the amount of LUNC that it burns by fifty percent. It is important to note that the new margin trading fees, which became effective on December 28th, will be 50% of the original amount. The cryptocurrency exchange claims that this is aligned with the community’s initial goal of seeing a decrease in the available quantity of LUNC tokens.
The value of the Terra Classic (LUNC) token, which was affected by this report, has subsequently plunged by 11 percent as a result. The ongoing efforts to rescue the token have also been impacted.
It is worth noting that Binance has been in touch with Terra Grants Foundation’s executive team to make a few demands. A new “burn wallet” is mentioned as one of the requirements. This will be effective for a wallet that does not permit re-minting of the burn amount. Here, Binance may send the LUNC spot and margin trading fees.
The other stipulation is that Binance’s wallets be whitelisted, meaning that transactions between them are exempt from transaction fees.
Meanwhile, Binance has decided to delay the transfer of LUNC trading fee burn contributions until 2023-03-01 (UTC). This will buy the necessary time for the new changes to be implemented.
At press time, however, LUNC was selling at $0.0001475, a drop of roughly 8% over the previous 24 hours according to data from Coinmarketcap.