Terra (LUNC) Price Dumps by 13%, Binance to Make Changes to Burning

Dec 29,2022
Terra (LUNC) Price Dumps by 13%, Binance to Make Changes to Burning

After several days of impressive price increases, Terra Classic (LUNC) plummeted by more than 13% as investors rose. Terra Classic is the stock that rose sharply on Dec. 27, with its price soaring more than 18%.

At the time of submission, LUNC sold for $0.00015, down 11.24% in the past 24 hours. The encrypted asset has risen 22% in the past week, and has risen in five of the seven trading hours since December 22.

The top password trading center Binance announced changes to the way LUNC transaction fees burn as part of ongoing support for lower LUNC supply.

Based on the latest news set out in proposals 10983 and 11111, Binance said that gradually from December 2022, this would cost 50 per cent of LUNC spot and margin trading costs, rather than 100 per cent. It will also extend the payment of LUNC transaction fees until March 1, 2023 to ensure that LUNC transaction fees are not prompted.

Binance claims that it has been communicating with the leadership team of the Terra Grants Foundation to develop and design a new burn wallet to which Binance can transfer spot lunch transactions and margin transaction costs that cannot indicate the amount of burns.

It also wants the group to include Binance wallets under authorized management to ensure that transaction taxes are not applicable when transferring money to each other.

Although Binance said it would continue to work with the community to support the implementation of the new program, it also stressed that if this is not possible, it is possible to withdraw burn donations in the future.

To support LUNC's research and development, Binance warmly welcomes LUNC real estate developers to add their Domain recovery Initiative (IRI), a new project fund to support data encryption and Web3, which was launched in November.

The seventh batch of noon transaction fees to be incinerated will be calculated from November 30 to February 27, 2023 and will be incinerated on March 1, 2023. The sixth batch of incineration took place on December 1, 2022.