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Trading fees LUNC- burn mechanism

Trading fees LUNC- burn mechanism

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Binance announced On September 26, that it will follow a payment burn path using cryptocurrency trading fees created off trade.

Rewards are one way to remove currencies from circulation without taking them tokens away from investors or by penalizing those investors who own tokens.

The whole community has worked to preserve the value Terra Classic (LUNC), and Binance has consistently been at the forefront of this. The community enthusiastically supported the proposed burning of the 1.2% transaction fee, which boosted the price of the cryptocurrency.

Supply off is now further reduced thanks to the new trading commission burning mechanism introduced by Binance.

Previously, a 1.2 percent tax refund was proposed for everyone off trading on a cryptocurrency exchange, but Binance had resisted this because it feared a backlash from angry users.

The Binance CEO Chanpeng Zhao (CZ)claims that the cryptocurrency exchange was instead looking for “a better and faster way to help the community.”

On September 26, the cryptocurrency exchange revealed that it would introduce a trading commission burn method for all margin and spot trading.

Every Monday at 00:00:00 UTC, it plans to perform a scheduled weekly burn using all trading costs incurred during the previous week.

Accurate 24 hours after each burn, weekly report and chain burn event are available.

Binance announced its strategy to burn the first batch of trading fees, “The trading fees for LUNC spot and margin trading pairs are calculated on 2022-09-21 at 00:00:00 (UTC) and on 2022-10-01 at 23:59:59 (UTC).”

Binance further said, “Payment discounts from LUNC spot and margin trading pairs to Binance Spot Liquidity Provider from 2022-09-21 at 00:00:00 (UTC) to 2022-09-27 at 00:00:00 (UTC) ) are excluded from the fuel amount.”

Before each burn, Binance plans to convert all commissions earned from trading to other cryptocurrencies such as BUSD, USDTand from BNB to LUNC. Burning has no effect on discounts, refunded payments or other payment changes or discounts.

We can treat all users fairly in this approach,” CZ said on Twitter. “Liquidity and trading experience will remain intact, and Binance can continue to help reduce the supply of LUNC, which is what the community expects.”

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