Binance Completes Its First Luna Classic Burn of Fees

Binance completes its first ‘Luna Classic’ burn of fees collected from spot and margin trading pairs after making the announcement.

The project has developed as a community-driven organization following the catastrophic collapse of Terra and its assets LUNC and UST as well as Do Kwon’s resignation. Binance, a well-known cryptocurrency exchange, seems to be helping the initiative now. Firstly, the platform said on September 26 that it will burn all trading commissions for LUNC spot and margin pairings.

Binance announced the first update regarding the LUNC burns. Here’s how much LUNC the exchange managed to burn from 21-09-2022 to 01-10-2022.

Binance burns $1.86M worth of LUNC

Binance, as promised in its announcement, burned the LUNC collected from trading fees of LUNC on its platform. The exchange also announced that it will provide weekly updates on its burns.

In the latest update, the exchange announced that it has burned 1,863,213.47 worth of LUNC. However, the exchange also stated that the burning mechanism wouldn’t affect the trading fees of LUNC sport and margin trading.

As per the details from the LUNC burner, 13,599,396,438.191 have been burned from its supply. This accounts for 0.197317% of the total supply of Luna Classic. However, in the last 24 hours, 5,600,886,705.6 LUNC have been burned. As a result, 307,210,647 LUNC has been burned by the tax.

The majority of market assets saw just modest gains during the past several days. However, during the past seven days, LUNC has increased by more than 60%. At the time of publication, the asset had lost 5.8% and was trading at $0.00031505.