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After days of an impressive price run, Terra Classic (LUNC) plunged over 13% as investors made gains. Terra Classic (LUNC) was a top gainer on Dec. 27 as its price shot up more than 18%.
At the time of publication, LUNC was changing hands at $0.00015, down 11.24% in the last 24 hours. The crypto asset is up 22% in the past week, having recorded five positive days out of seven since Dec. 22.
Top crypto exchange Binance has announced changes to the burning of LUNC trading fees as part of its ongoing support for the reduction of the LUNC supply.
Following the recent developments outlined in Proposals 10983 and 11111, where the LUNC burn is being reminted as a development fund, Binance says that beginning in December 2022, it will burn 50% of the LUNC spot and margin trading fees instead of 100%. It will also delay sending the LUNC trading fee burn contribution until March 1, 2023, to ensure LUNC trading fees are not reminted.
Binance claims it has been communicating with the Terra Grants Foundation's leadership team to develop a new burn wallet, to which Binance can transfer LUNC spot and margin trading fees that do not enable reminting of the burn amount.
It also wants the team to whitelist Binance's wallets so that the transaction tax does not apply when transferring funds between them.
While Binance says it will continue to work with the community to support the implementation of this new plan, it also notes that if this is not possible, it may withdraw the burn contribution in the future.
In support of LUNC development, Binance welcomes LUNC developers to join its Industry Recovery Initiative (IRI), a fund to support crypto and Web3 projects that were launched in November.
The seventh batch of LUNC trading fees to be burned will be calculated from Nov. 30 to Feb. 27, 2023, and will be burned on March 1, 2023. The sixth batch of burning was completed on Dec. 1, 2022.