Binance Initiates Second Round Of LUNC Trading Fee Burns With 3 Billion LUNC

In a recent tweet by LUNC DAO, it was revealed that Binance, the leading cryptocurrency exchange, has initiated a second round of LUNC trading fee burns which claimed a total of almost three billion LUNC worth about $1 million to the Terra burn wallet as part of its burn initiative to support the network.

Second Round Of LUNC Trading Fee Burns Of Binance

Although the update on the burn was once tracked by the LunaBurnTracker, which revealed it on its official Twitter handle. However, Binance hasn’t updated this transaction on its blog post but hopes to do so on or before 00:00 UTC on Tuesday.

Recall that the largest crypto exchange added its support for the LUNC tax burn on September 26th and recently start fulfilling its promise. The Binance first burn claimed a whooping of 5.5 billion. While this was a fulfilled promise for Binance, the LUNC community was somehow displeased saying such an amount shouldn’t be coming from a big crypto exchange like Binance.

It is worth noting that the second round LUNC burn by binance sums the total burn to 8.5 billion which is worth around 2.8 million for the exchange.

Generally, the LUNC community has destroyed a whopping almost 17.9 billion LUNC which places Binance burn to about 47% of the total burn so far while the 1.2% tax burn on on-chain transactions has destroyed a total of about 5 billion representing 28% of the total.

Zaradar’s Re-Peg Proposal Is Finally Released

The long-awaited Zaradar’s Terra Classic re-peg proposal is out and awaits the community debate on it, there has been a spike in both the USD stablecoin and LUNC token following its release.

Follow us on Twitter, FacebookTelegram, and Google News

  • 725 Posts
Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.