Terra Luna Classic (LUNC) Explodes Over 82% After Binance Implements New Fee Burn System
Terra Classic (LUNC), the remnants of a former top 5 crypto project, is rallying hard on the news that Binance will be implementing a fee-burning mechanism in support of a LUNC community proposal.
Terra Classic is the rebranded version of Terra (LUNA), the project that wiped out over $40 billion in market cap after essentially going to zero when its stablecoin UST lost its peg.
Binance CEO Changpeng Zhao said that the exchange, which is the world’s largest in terms of volume, will be burning all LUNC fees from its Binance USD (Binance-usd/ rel=noopener target=_blank>BUSD) and Tether (USDT) trading pairs.
Originally, Zhao said he wanted to add an “opt-in” button for the mechanism, but changed his mind after receiving feedback from the community.
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