Leading cryptocurrency exchange Binance has announced that it is changing the burning mechanism for Terra Classic (LUNC) trading fees.
According to the exchange, the changes are in response to two controversial proposals – Proposal 10983 and 11111 – where LUNC burn is being re-minted as a development fund.
Binance Makes Changes to LUNC Burn Mechanism
As part of the changes, Binance said it would reduce its LUNC spot and margin trading fees from 100% to 50% starting December 28, 2022.
The exchange added that it would delay sending LUNC trading fee burn contributions to burn addresses until March 1, 2023. This will ensure that the trading fees are not re-minted until the LUNC community meets certain requests from Binance.
What are Binance Requests?
The crypto exchange said it had been in discussions with the leadership team from the Terra Grants Foundation concerning the requests.
Binance has asked the foundation to create a new burn wallet, saying it would send LUNC spot and margin
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