2024-09-26 18:05:14

Terra Luna Classic (LUNC) Explodes Over 82% After Binance Implements New Fee Burn System

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The Daily Hodl
By Daily Hodl Staff

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.

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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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