Luna Classic (LUNC), which was impacted by the Monday implementation of the Binance tax, saw a bounce. The price has risen by 50% so far, breaking through an important resistance.
Binance has announced it has created a burning mechanism to eliminate all trading fees for LUNC spot trading and margin trading. This type of burn mechanism was previously only available for withdrawals and deposits.
All trading fees will now be sent to the address, which is the LUNC burning address. Fees can be paid in USDT, BUSD, or BNB. They will then be converted into LUNC and deposited at the address.
Binance also promised to publish a weekly report on Tuesdays at 00:00UTC. The burn records’ first calculations have not yet been released. They will be updated one week after the announcement on Oct. 3.
Despite the positive announcement by Binance, it’s worth noting that Do Kwon, the co-founder of Terra is still at large. Interpol has filed a Red Notice to alert him.