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Binance $LUNC burns will now take place monthly.
Binance, the world’s largest crypto exchange by trading volume, has contributed immensely to the revival of Terra Classic ($LUNC). The exchange has been burning fees obtained from Terra Classic spot and margin trading pairs for over a month.
As reported today, Binance completed the incineration of $LUNC trading fees for the fifth week. During the exercise, Binance burnt a total of 1.26 billion $LUNC, worth $306,406. In just five weeks, the exchange has burnt roughly 13.7 billion $LUNC, representing over 50% of the entire Terra Classic tokens burnt.
Binance to Burn $LUNC Monthly
It is worth mentioning that the recent burn made by Binance marks the beginning of a new practice by the exchange. Henceforth, Binance will no longer burn $LUNC tokens on a weekly basis. The exchange will now conduct all $LUNC burns monthly.
“The $LUNC burn mechanism will take place on a monthly basis after the fifth batch of trading fees on $LUNC spot and margin trading pairs has been burned, instead of a weekly basis,” Binance said in an announcement.
Based on the development, the sixth batch of Binance’s $LUNC burn will take place on December 1, 2022. According to Binance, it will calculate $LUNC trading fees for spot and margin trading pairs from October 30, 2022, at 00:00:00 (UTC) to November 29, 2022, at 23:59:59 (UTC).
Binance Contribution to $LUNC Burn
Binance has played an integral role toward the revival of $LUNC value. At the time of writing, 26 billion $LUNC ($6.3 million) have been burnt in total.
Out of the total $LUNC destroyed via the ongoing burn program, Binance is responsible for burning more than 50% of these coins.
At the time of writing, $LUNC is changing hands around $0.00024268, down 0.5% from its yesterday’s value. According to Coingecko data, $LUNC is the 36th largest cryptocurrency with a market cap of $1.67 billion.