After making the announcement, Binance burns its first “Luna Classic” burn of commissions from spot and margin trading pairings.
After Terra and its assets, LUNC and UST, catastrophically collapsed and Do Kwon resigned, the initiative evolved into a community-driven organization. A well-known crypto exchange called Binance appears to be supporting the project right now. First off, on September 26, the platform announced that it would burn all trading fees for LUNC spot and margin pairs.
The LUNC burns have received their first update, according to Binance. From 21-09-2022 to 1-Oct-2022, the exchange was able to burn the following amount of LUNC.
Binance reveals $1.86 million worth of LUNC burn
As stated in its release, Binance destroyed the LUNC it received from LUNC trading fees on its platform. Additionally, the exchange disclosed that it will offer weekly updates on its burning.
The exchange reported burning LUNC worth 1,863,213.47 in its most recent update. The exchange did note, however, that the burning process wouldn’t have an impact on the margin trading and LUNC sport trading costs.
According to information from the LUNC burner, 13,773,300,818.172 of its supply has been sent to dead wallets. This is 0.1998 % of the overall Luna Classic supply. However, 829,906.66 LUNC had been burnt over the past 24 hours. As a consequence, the tax has burned 52,413,910 LUNC.
One of the most promising blockchain ventures, Terra, abruptly collapsed in May, shocking everyone in the sector. Even though Do Kwon had received a “red notice” from Interpol, the token’s founder suddenly reappeared last month. LUNC is now trading for $0.00031607. It is 1.1% down in the last 24 hours.
A warrant has been issued for his arrest, and Interpol added Kwon’s name to its Red Notice list, pleading with local law enforcement to hold the Terra co-founder. Some have speculated that he may be in Singapore. Kwon’s current whereabouts are unclear as of the time of writing.
In other news, Binance, run by Changpeng “CZ” Zhao, has finally opened two offices in Brazil in an effort to penetrate that market, which is apparently home to more than 34.5 million cryptocurrency users. Now that Binance has offices in both So Paulo and Rio de Janeiro, the company will have more than 150 workers working across all of its Brazilian businesses.