{"id":497992,"date":"2022-10-03T22:15:27","date_gmt":"2022-10-03T19:15:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-burns-1-8m-in-lunc-trading-fees-following-community-proposal\/"},"modified":"2022-10-03T22:15:27","modified_gmt":"2022-10-03T19:15:27","slug":"binance-burns-1-8m-in-lunc-trading-fees-following-community-proposal","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-burns-1-8m-in-lunc-trading-fees-following-community-proposal\/","title":{"rendered":"# Binance burns $1.8M in LUNC trading fees following community proposal"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f6c2fe553d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f6c2fe553d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-burns-1-8m-in-lunc-trading-fees-following-community-proposal\/#%E2%80%9D_Binance_burns_18M_in_LUNC_trading_fees_following_community_proposal_%E2%80%9C\" >&#8221; Binance burns $1.8M in LUNC trading fees following community proposal &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_burns_18M_in_LUNC_trading_fees_following_community_proposal_%E2%80%9C\"><\/span>&#8221; Binance burns $1.8M in LUNC trading fees following community proposal &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvZDlmYzY5NjEtMTQxOC00ZTc1LTkwNWYtY2I3YzRiODkzZTM5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>Cryptocurrency exchange Binance has announced it completed the first burn of Terra Classic tokens\u2019 trading fees in response to a community proposal from September.<\/p>\n<p>In an Oct. 3 update, Binance CEO Changpeng Zhao <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/4769eab576c4479eaa14adc1eb587226\" data-amp=\"https:\/\/www-binance-com.cdn.ampproject.org\/c\/s\/www.binance.com\/en\/amp\/support\/announcement\/4769eab576c4479eaa14adc1eb587226\">said<\/a> the exchange had burned roughly $1.8 million worth of Terra Classic (LUNC) \u2014 formerly Terra (LUNA) \u2014 trading fees for LUNC\/BUSD and LUNC\/USDT spot and margin trading pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether (USDT) \u2014 roughly 5.5 million LUNC. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">First LUNC burn, $1.8 million ish.<br \/> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/b86RlCYqe3\" data-amp=\"https:\/\/www-binance-com.cdn.ampproject.org\/c\/s\/www.binance.com\/en\/amp\/support\/announcement\/4769eab576c4479eaa14adc1eb587226\">https:\/\/t.co\/b86RlCYqe3<\/a><\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1576996487241748480?ref_src=twsrc%5Etfw\">October 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe exchange\u2019s original announcement from Sept. 26 said the burns would be completed every Monday \u2014 making the next event on Oct. 10 \u2014 sending trading fees to a LUNC burn address. Many in the Terra community proposed the burn strategy as part of efforts to revive LUNC, whose price dropped to almost zero in May and briefly surging by more than 250% in September. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Do Kwon shares LUNA burn address but warns \u2018LUNAtics\u2019 against using it<\/em><\/strong><\/p>\n<p>Terraform Labs co-founder Do Kwon, whom many in the crypto space want held to account for his role in Terra\u2019s collapse, has been targeted by South Korean authorities for allegedly violating the country\u2019s capital markets laws. A warrant has been issued for his arrest and Interpol added Kwon\u2019s name to its Red Notice list, requesting local law enforcement \u2014 many have suggested he may be in Singapore \u2014 detain the Terra co-founder. At the time of publication, Kwon\u2019s whereabouts are unknown, but he said on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> on Sept. 26 he was \u201cmaking zero effort to hide.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-burns-1-8m-in-lunc-trading-fees-following-community-proposal\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance burns $1.8M in LUNC trading fees following community proposal &#8220; Cryptocurrency exchange Binance has announced it completed the first burn of Terra Classic tokens\u2019 trading fees in response to a community proposal from September. In an Oct. 3 update, Binance CEO Changpeng Zhao said the exchange had burned roughly $1.8 million worth of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":497993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvZDlmYzY5NjEtMTQxOC00ZTc1LTkwNWYtY2I3YzRiODkzZTM5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,82625,131670,122378,117],"class_list":["post-497992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-burn","tag-lunc","tag-terra","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/497992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=497992"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/497992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/497993"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=497992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=497992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=497992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}