New Arrangement for Burning LUNC from Binance

Binance, the world’s largest cryptocurrency exchange, announced that it has made a new regulation regarding the burning of LUNC.

By voluntarily burning the commission fees of LUNC, the native token of the Terra Classic network, Binance was making a significant contribution to reducing the supply of the cryptocurrency. According to the latest regulation, the cryptocurrency exchange announced that from now on, half of the LUNC commissions from spot and futures will be burned instead of burning all of them. The stock market also delayed the next burn until March. According to the old schedule, the next mass burning of LUNC would take place on January 1. In the statement, Binance said that the reason for its decision to postpone the burning process is to prevent the reprinting of LUNC assets that were burned according to the last voted proposals of the Terra Classic community.

Binance also stated that they are in contact with Terra Classic developer team Terra Grants for these changes. Accordingly, the exchange requests a new burning wallet to prevent the reprinting of burned LUNC tokens, and sets out the requirement to make a deduction when transferring to these wallets.

Binance has been the biggest contributor to this event, with 20 billion token burning, which is roughly 50% of all LUNC burns so far. Thus, since September, Binance has waived a multimillion-dollar commission fee to support the dwindling supply of LUNC.

The Terra Classic community recently accepted a proposal proposing that 50% instead of 10% of all LUNC burn transactions, including Binance burn transactions, be re-released to support the community pool and development. However, some community members were vehemently opposed to this proposal to fund Terra Classic developers, fearing that voluntary support organizations such as Binance would end their burning process. The proposal no. 10983, which was accepted despite the reactions, was withdrawn after the opposition no. 11111 was presented and accepted after the opposition did not give up. Binance also said that if the community does not meet their demands, the LUNC burn may be permanently terminated.

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