Binance will reduce the number of destroyed Terra Classic coins by 50%


The Binance cryptocurrency exchange has made changes to the Terra Classic destruction mechanism (LUNC) and will burn half as many coins.

From December 2022, the trading platform plans to eliminate 50% instead of 100% commission for processing transactions with LUNC. In addition, the company will postpone the transfer of assets to the wallet for burning until March 1, 2023.

Binance decided to destroy fewer coins due to the implementation of the updates Proposal 10983 and Proposal 11111, which involve the reissue of the destroyed LUNCS and their subsequent sending to the Terra ecosystem development fund.

The Terra Grants Foundation organization will create a special crypto repository for burning LUNC without the function of automatically creating new coins, which will be used by the exchange. In addition, the organization that manages the operation of the Terra network will whitelist Binance wallets in order not to withhold transaction tax.

On December 21, the Terra Classic course began to grow rapidly and increased by almost 48% in five days. However, the bullish trend quickly fizzled out, and the cryptocurrency has already lost 22% in price. Obviously, the refusal to destroy the coins will negatively affect their value.

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