The post Binance Increases Support for LUNC as it Revises Burning appeared on BitcoinEthereumNews.com.

Binance has changed its LUNC burn mechanism after it subjected the token to multiple burns this month instead of the usual burn on the first day of every month.  The LUNC community is voting on a proposal to correct its number of validators which was mistakenly changed after an SDK update.  Binance is reported to have likely reversed its Terra Luna Classic (LUNC) burn mechanism after sealing its dominance as the largest contributor, with 64.47 billion LUNC burned in support of the chain and price revival. According to reports, the exchange subjected the token to multiple burns this month against the initially scheduled number of monthly burns.  The Background  Binance announced in 2022 that it would undergo major changes by burning LUNC trading fees as part of its continued contribution to the drastic reduction of supply. This implied that 50% of the LUNC spot and margin trading fees would be burnt instead of 100%. In addition to that, it announced that the sending of the LUNC trading fee burn contribution would be delayed until March 1, 2023 to be excluded from being re-minted.  One observation was that Binance frequently burned Terra Luna Classic tokens on the first day of every month. However, this pattern suddenly changed as the exchange burned the token six times this month. In its recent 25th batch of burn mechanisms reported by CNF, Binance burned 1.19 billion LUNC tokens with $97,229.23 in trading fees between July 31 and August 29. In addition to the main burn, Binance has burned 199,389 LUNC tokens in five separate transactions until now. This has bred speculations that the burn mechanism formerly instituted by the exchange has been reversed.  Following this report, LUNC surged by 3% in 24 hours but soon flipped to the negative side of the price curve as…

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Filed under: News - @ September 24, 2024 11:22 am