Major crypto exchange provides incredible update on burning mechanism of LUNC
As we have just learned, Binance, one of the world’s leading crypto exchanges and holder of possibly the largest LUNC liquidity, has decided to burn all trading commissions collected by the exchange on LUNC spot and margin pairs against BUSD and USDT.
The unexpected decision followed the abandonment of the exchange’s initial plans to introduce a burn-in subscription and the implementation of a full burn-in tax when a certain number of subscribers are reached. As Binance CEO Changpeng Zhao explains the rejection, introducing a subscription would have been a technically difficult solution and was also met negatively by the LUNC community.
Instead, we have decided to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance.
Fees will be converted to LUNC then sent to the burn address. The burn is paid at our expense, not the users’.
— CZ 🔶 Binance (@cz_binance) September 26, 2022
On the announcement of this news, LUNC quotations immediately soared. Within five minutes, the cryptocurrency price was up more than 25% on the spot. In doing so, the announcement of the new solution had such a strong impact on quotations that it even outweighed the news this morning about Terra’s co-founder, LUNC issuer Do Kwon.
Do Kwon receives red card
Despite Do Kwon’s scathing comments and taunts about his potential capture, it was revealed today that Interpol has issued a red notice for him. This means that police from all over the world will be joining the search for him, and the process will become much more active.