Binance was founded by Changpeng Zhao back in 2017 and since then, the exchange has surpassed all other major exchanges to become the “No. 1 Exchange”.
However, the exchange has earned this title not just by achieving the highest trading volume on a daily or annual basis but by being more than just an exchange.
From time to time, the exchange and its teams from the top level to the lowest have continued proving why their exchange is number 1.
They have continued offering their help and support not only to their users and clients but also to the entire cryptocurrency community.
Binance knows that there will be no way to run the exchange if the crypto-blockchain industry is at a loss.
Therefore, the exchange has been playing its role of upbringing every crypto-blockchain startup or old project who are finding it difficult to regain its old positions in the mark.
Binance Supports Terra Community
This time, Binance has decided to offer its support to the Terra community in any way possible. The Terra Network ended up taking a huge fall in May of 2022 when its TerraUSD stablecoin suffered a major depegging.
It not only crashed the stablecoin but also crashed several other major cryptocurrency firms such as Voyager Digital and Three Arrows Capital.
Several other major platforms from within the crypto-verse are still forced to file for bankruptcies due to Terra Network’s debacle.
Binance’s Burning Approach
However, Binance is determined to extend its support to the entire Terra community so the Terra Network can stand up on its feet again.
To value the efforts of the Terra community, Binance has announced a burning mechanism that will take place off-chain. The exchange has announced the burning program, in support of Terra Classic (LUNC), which was formerly known as Terra (LUNA).
Binance’s Announcement on September 23
On September 23, Changpeng Zhao announced that they have introduced a new program for Terra Classic.
Zhao has revealed that they are planning to introduce a 1.2% tax option that will be available for the users as they trade LUNC.
He stressed that the 1.2% tax would be optional and only those willing to pay it can choose the option. Zhao cleared that they will introduce the option only when the traders favoring the options reach to 50% of the total trading volume for LUNC on the exchange.
Therefore, the decision is solely based on the users and the requests they continue receiving. If the total trading volume of the opting users is up to 50% of LUNC’s trading volume on the exchange, they will proceed with the implementation.
The fees they collect from the trading of the LUNC pairs that are LUNC/USDT and LUNC/BUSD will be burned entirely. They will convert the fees collected from the trades to LUNC and then send them over to the official LUNC burning address.
This would help revive the old value of LUNC, providing it the support needed to boost its price.