In response to proposals from the LUNC community, Binance has decided to burn all fees on LUNC spot and margin trading pairs. Binance said it would send the trading fees and margin trading pairs to LUNC burn addresses. The announcement was made via a blog post on Binance’s official website. The Terra Classic community expressed dissatisfaction with an ‘opt-in button proposed by Binance CEO. Binance offered the opt-in button to allow users to choose whether to implement a 1.2% tax burn on their spot. Related Reading: ETH Struggles To Break Past $1,300 Resistance – Back To $1K? After careful evaluation and consideration, Binance decided to take cognizance of the community’s dissatisfaction and set a new proposal. However, during their assessments, Binance also discovered that implementing an opt-in proposal would take time, and traders may not support it. Therefore, proposed a better and faster way of assisting the Terra Classic community. Details Of Binance’s New Burn Mechanism On Tera Classic Spot According to Binance, it would update the amount of LUNC to be burned, its USDT equivalent, and on-chain transaction ID weekly. In addition, the blog announcement outlined rules that would guide the burn mechanism. Binance would calculate the total trading fees on LUNC spot and margin trading pairs to be burned from the previous week every Monday at 00:00:00 UTC. Successive on-chain burn transactions and reports would get updated on Tuesdays at 00:00:00 UTC. The first batch of burning trading fees would be calculated from September 21 at 00:00:00 UTC to October 1 at 23:59:59 UTC. This would exclude rebates on LUNC spot and margin trading pairs for Binance Spot Liquidity Provider Program from September 21 to 27, 2021. Additionally, Binance would convert other tokens’ trading fees to LUNC on Mondays. The CEO of Binance stated that Binance would not push burn costs on users. The Terra Classic burn would not affect BNB fee discounts, rebates, or other accruing fee adjustments. The CEO further explained they intend to maintain the same trading experience and liquidity while ensuring the supply decrease of LUNC. LUNC Price Skyrockets By 70% After Binance Announcement The tremendous support of Binance to the Terra community produced a positive result in LUNC price. After the announcement, LUNC’s price increased by more than 70%. The Interpol issuance of a red notice against the Founder of Terraform Labs, Do Kwon, affected the price of LUNC adversely. South Korean prosecutors confirmed that Interpol issued the Red Notice against Kwon on September 26. Related Reading: Algorand: ALGO Price All Go With Nearly 30% Rally In Last 7 Days LUNC price plummeted by nearly 20%, while LUNA price fell by 18% after the announcement. It was trading below $0.0002 but is currently trading at $0.00032. Featured image from Pixabay, Chart: TradingView.com
LAS VEGAS, NEVADA / SEPTEMBER 23rd, 2022 / According to information provided by the cryptocurrency monitoring company Messari, the value of a recently introduced meme coin known as Jail Kwon shot up by 500% on September 14 and reached a high of $0.00128. The fact that the South Korean authorities have issued an arrest warrant […]
Terra Classic (LUNC), the remnants of a former top 5 crypto project, is rallying hard on the news that Binance will be implementing a fee-burning mechanism in support of a LUNC community proposal. Terra Classic is the rebranded version of Terra (LUNA), the project that wiped out over $40 billion in market cap after essentially […]
The post Terra Luna Classic (LUNC) Explodes Over 82% After Binance Implements New Fee Burn System appeared first on The Daily Hodl.
A technical and in-depth analysis of the trade-offs that Ethereum’s consensus mechanism makes in its switch to proof-of-stake and how proof-of-work differs.
Big Eyes Coin’s (BIG) mascot is a cat of the world who started his adventure after a tragic accident. However, his experience also led to an accident where he was thrown overboard from a ship. Big Eyes found himself all alone again. Despite the odds, he came up with a plan. Big Eyes decided to […]
India-focused crypto exchange WazirX will unlist three leading stablecoins — Circle’s USDC, Paxos’ USDP, and TrueUSD’s TUSD — effective September 26. In a statement, the company said that users could withdraw their funds by October 5, after which these stablecoins will automatically be converted into BUSD. “WazirX has stopped deposits of USDC, USDP, and TUSD, […]
Bitcoin is a powerful tool for businesses and services seeking to operate on the best monetary standard for their customers.
Today, regulatory compliance has become the most crucial issue for Binance and other crypto companies worldwide. And since the government authorities have decided to deal with the industry issues like high inflation, money laundering, and exploits with tight regulatory policies, it has badly affected the growth of blockchain developments. As a result of which, crypto […]
There is no doubt that 2022 was a bad year for the cryptocurrency world and those that are associated with the industry in any shape or form. Whether you held virtual currency because you liked to use it as a preferred option on a bitcoin casino to play your favorite gambling games, for the future as a potential investment, or simply because you were interested in what the rage was all about, everyone has been impacted at some point by the news that had consistently been revealed. Why was 2022 a bad year for cryptocurrency? Naturally, when thinking about why something may have been bad for cryptocurrency, many will immediately think about its price. Indeed, one of the biggest things about virtual currency is the fact that it is highly volatile and that its value can tend to fluctuate at huge amounts. We saw this in the first half of the year, with the likes of Bitcoin and Ethereum both crashing by more than 50% from their all-time highs that had been experienced in the final stages of 2021. Since the height of that massive rally, it has been estimated that around $2 trillion had been lost in value between then and now. Naturally, with this in mind, it becomes extremely easy to begin to understand why 2022 has been described as a bad year for the cryptocurrency sector. Furthermore, the fact that Bitcoin had experienced its worse quarter in more than a decade has not helped its cause, either. According to figures, it lost around 58% of this value in the second quarter of this year; posting its worse performance for a quarter since 2011. Reasons to have been attributed to the decline include: Macroeconomic pressures – US Federal Reserve was aggressive with its monetary policy TerraUSD collapse Celsius decided to pause withdrawals Three Arrows Capital was liquidated CoinFlex-’Bitcoin Jesus’ argument Will 2023 be a better year for cryptocurrency? Given all of the trouble that cryptocurrency and the industry has gone through during the current calendar year, there will be many that will be wondering whether next year might see a return to the highs and glory days that virtual currency has been known to have. There is plenty of optimism surrounding Bitcoin holders at the moment, with the average crypto holder expecting the coin to reach levels of over $38,000 by the time 2023 begins. A survey found that holders are currently more optimistic than the general public about the potential price values that can be reached, with many of them consistently predicting it will be higher than what the predicted value is. Of course, it would be easy to suggest that the confidence in the price being able to return as high as predicted is because the people surveyed currently hold the coin themselves. However, they can also be considered to be the experts in this field and know more than the general public in regard to its analysis than those who may not be as educated on the topic of cryptocurrency. Indeed, the topic of cryptocurrency is one that continues to emerge with each year that passes as many more are becoming more accepting of it and its place in the world, which is perhaps why 2023 could also be a good year for it. More interest is likely to mean that more people start to learn more about how it works and what it does, which could then make the interest too significant to ignore by others, thus potentially having a knock-on effect on the price of Bitcoin and other virtual assets next year. Final Thoughts If you know anything about cryptocurrency, then it is probably the fact that digital assets such as Bitcoin and Ethereum are highly speculative and that the price of the coins can fluctuate immensely at any given rate. There is no denying that 2022 has been almost disastrous for virtual currency, with its price having dropped by over 50% for many, nonetheless, there still appears to be some confidence in some quarters that 2023 could be a year to look forward to, especially with many predicting that Bitcoin could reach over $38,000 by the time January comes around. Image by Sergei Tokmakov, Esq. Terms.Law from Pixabay
Ansel Lindner explains the thinking behind the chess moves of the biggest powers in the world and what these moves mean for bitcoin and global markets.
Not only is the usage of Bitcoin free to everyone, but participation in the community is open to everyone as well.
Given the recent crash in cryptocurrency values, some investors may have sought refuge in the year’s most hyped token presale. There was a complete sellout […]
Binance has recently announced that VARUS, a Ukrainian supermarket chain, will now accept crypto. It announced that it had recently partnered with the supermarket chain, and now that will facilitate crypto payments for customers buying groceries. This transaction would take place through Binance Pay Wallet. VARUS happens to be one of the largest grocery store […]
After plummeting for nearly a year, Bitcoin could soon find a bottom as the Fed turns its attention to suppressing the dollar’s ascent.
The traditional path American society set out for you is designed to suppress you. Bitcoin frees you.