To reduce the quantity of LUNC in circulation, another cryptocurrency exchange has joined the token burn initiative started by the Terra Luna Classic community.
WEEX, a Singapore-based cryptocurrency futures trading platform, has promised to burn 30% of LUNC trading fees, which is comparable to Binance’s 50% LUNC burn mechanism.
WEEX, a cryptocurrency exchange, announced on X that it will be actively supporting the LUNC resurrection projects as well as the Terra Luna Classic community.
15% of the trading fees received through its Futures Pro and Spot platforms will be contributed by WEEX. According to the statement, this represents a significant 30% of the trading costs charged by the exchange for all pairs.
LUNC burn assistance, a component of the ambassador program, lowers the overall supply while promoting Terra Luna Classic.
One prominent member of the Terra Luna Classic community and owner of the LuncLive validator, Mr. Diamondhandz, was one of the LUNC holders who stepped out to announce his participation in the WEEX ambassador program.
WEEX is an MSB regulated exchange operating in the US and Canada; it is not a KYC exchange and does not impose maker fees.
Binance has burned nearly 53 billion LUNC tokens to date, with 2.21 billion LUNC tokens burned in the 19th batch of the LUNC burn mechanism. Over 102 billion tokens have been burned by the Terra Luna Classic community overall, with Binance having burned over 53 billion tokens net.
As part of a coordinated effort to withdraw LUNC tokens, the Terra Luna Classic community welcomed the 100 billion LUNC milestone with newfound excitement and confidence. 2.21 billion LUNC tokens were sent by Binance to the burn address in accordance with the March 1st transaction.
Recently, Terra Classic Luna community passed a proposal for significant core changes by developer Genuine Labs to improve security, functionality, and compatibility. The Wasmd, IBC Go, and Cosmos SDK enhancements and optimizations are part of Genuine Labs’ security upgrade package.
The price of LUNC surged by 14% in the last two weeks, while it is currently selling at $0.000161 at the time of writing. LUNC is up by 43% in the past month.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
