Burn started for the Luna Classic on the MEXC crypto exchange

While the intensive burn, scheduled for September 12 on the Terra Classic blockchain, is taking place gradually, the crypto exchange MEXC has wasted no time and has already burned the first tokens through spot trading.

A community in full swing

While the LUNC community has been panicking with the looming developments for several days now, the token is once again in the green and has shown clear progress in recent days.

But above all, the fire, however announced and planned for September 12, has already started with the MEXC fair as a precursor. indeed, while the crypto exchange recently announced its participation in the community actionAn initial report was made on the results of the token burn resulting from the spot trading fees being conducted on the Terra Classic blockchain.

Source : Twitter

The results of the report, which are very encouraging, give new hope to Luna Classic holders. As we mentioned before at BeInCrypto, it is necessary to stay on top of reality and not to fall too early into the euphoria associated with the rise of the token, but the amount of tokens burned remains very important.

According to the report published by the MEXC exchange, the fees collected on a spot trading day are burned the next day, accompanied by an update on the number of tokens withdrawn from circulation. The currently available pairs are LUNC/USDT and LUNC/USDC, while MEXC sends the number of tokens purchased to the available dead wallet burn tax by 1.2%.

On the two days including the incineration tax (3 and 4), a total of more than 25 million tokens were burned consecutively on September 4 and 5. On September 4, exactly 11,015,812.43 tokens were withdrawn from circulation, while the day of September 5 saw an increase in combustion with 14,461,785.28 tokens being eliminated from the token supply.

With these results, the LUNC community is excited and eagerly awaiting an implementation of the burn tax by other centralized exchanges, especially Binance.

Will the incineration tax be introduced on Binance?

There is a lot of speculation about the possibility that Binance will join the initiative of the burn tax. While the LUNC community eagerly awaits Binance’s participation, aware that the exchange would allow it to burn an impressive number of tokens with ease, clues leave observers room for further speculation.

Indeed, in recent days, Binance has gradually suspended the various blockchains allowing LUNC deposits and withdrawals to limit them only to the Terra Classic blockchain. While this announcement may seem surprising, LUNC holders see this decision as Binance’s first initiative before implementing the burn tax.

So by reducing deposits and withdrawals only to the Luna Classic blockchain, Binance would optimize the burning of LUNC tokens as all traders would have to transact through the Luna Classic blockchain and receive a 1.2% fee each time. must pay. With a billion dollar trading volume on certain days of the week, Binance offers unparalleled mass burn potential.

Source : Twitter

The coming days will be memorable and revealing, but the official announcement of Changpeng Zhao (CZ) and Binance is being watched closely by LUNC investors.

This Monday, the LUNC token is still on the rise. It is currently trading at $0.000322 with an increase of over 30%.

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