It was announced on Tuesday that the largest cryptocurrency exchange, Binance, would be making adjustments to how Terra Classic (LUNC) and TerraClassicUSD (USTC) are deposited and withdrawn. The decision to apply the 1.2% tax burn for LUNC and USTC deposits and withdrawals was made after hearing concerns from the community.
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Binance Reduces Trading Fees for USTC and Terra Classic (LUNC) Due to the 1.2% tax burn on the Terra Classic network, Binance announced on September 27 modifications to Terra Classic (LUNC) and USTC deposits and withdrawals.
Binance will modify the way it handles Terra Classic Network LUNC and USTC deposits and withdrawals in response to user input.
After a 1.2% fee is deducted by the Terra Classic network from deposits of LUNC and USTC, Binance has previously said that the remaining balance will be credited to users’ accounts. However, the exchange has recently modified its policy so that withdrawal fees from other exchanges or platforms are included in Binance deposits. After subtracting 1.2% for tax burn and the costs charged by other exchanges for withdrawing funds, the remaining balance is credited.
While the Terra Classic network will subtract 1.2% of your cash as tax, Binance will charge a fee for each withdrawal made.
Due to user complaints, Binance now charges a 1.2% cost for off-chain transactions in addition to the usual 0.5% fee for on-chain transactions.
Every Monday, Binance will send the burn address trading fees from Terra Classic (LUNC) spot and margin trading pairings. On Tuesdays, we’ll post a fresh report detailing the burn and the upcoming on-chain burn transaction. The cryptocurrency exchange will absorb the burn expenses and convert trading fees from other tokens into LUNC.
Upon hearing that Binance would be eliminating transaction fees for Terra Classic, the price of LUNC (Terra Classic) soared by almost 70%. On Monday, the price of LUNC shot up from its opening price of $0.00018 to a peak of $0.00032.
The price of LUNC has dropped to $0.00028 at the time of writing, a decrease of nearly 5% in the last 24 hours. Approximately 10 billion LUNC tokens are desired by the community. In reality, the burn rate for Terra Classic tokens has doubled thanks to Binance’s endorsement of the practise.
Source: Google Trend