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<h2 id="header-0">The biggest cryptocurrency exchange in the world, Binance, announced on Monday that it would send all trading fees associated with spot and margin trading pairs for Terra Classic (LUNC) to the LUNC burn address.</h2>The crypto exchange decided to burn trading costs on LUNC spot and margin trading pairs on a weekly basis after understanding the Terra Community's displeasure with the "opt-in button" idea.Burn Mechanism is Used by Binance for Terra Classic (LUNC) TradingFor September 26, Binance announced reducing trading costs on Terra Classic (LUNC) spot and margin trading pairs in an official blog post. Every Monday at 0:00, the trading costs for LUNC spot and margin trading for the previous week will be sent to the following address. Additionally, every Tuesday at 0:00 UTC, the report on the burn and the subsequent on-chain burn transaction ID will be updated.The CEO of Binance, "CZ," has previously suggested a "opt-in button" that would allow customers to choose whether or not to apply the 1.2% tax burn to their spot and margin trading. However, Binance has put forth the amended proposal following additional conversations and taking Terra Classic's (LUNC) unhappiness with the proposal into account.Additionally, Binance discovered that traders may not vote and that the opt-in proposal will take time to implement. As a result, the cryptocurrency exchange has developed a quicker method of helping the community.For the period beginning on September 21 and ending on October 2, the first batch of LUNC trading fees burn is applicable. Fee refunds for LUNC spot and margin trading pairs will not count toward Binance's Spot Liquidity Provider Program for the given week.Additionally, every Monday, Binance will convert trading fees of other tokens to LUNC. The crypto exchange will pay the burn costs, not the users, according to Binance CEO. The Terra Classic (LUNC) burn, however, has no effect on BNB fee reductions, fee refunds, or other fee modifications.Price of Terra Classic (LUNC) Increases by Over 70%The price of LUNC increased by almost 70% following the announcement of burn on the spot and trading pair trading fees. Previously, the price was below $0.0002, but it is currently at $0.00032.The 24-hour low and high prices for LUNC are $0.00018 and $0.00031, respectively. Over 22% more has been paid for LUNC in the past hour.

Binance To Burn Trading Fees On Terra Classic (LUNC) Trading

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