The largest cryptocurrency exchange in the world, Binance, has announced that it will be introducing Terra Classic (LUNC) and TerraClassicUSD (USTC) to Binance Convert as part of its expansion of support for the community-led Terra Classic chain.
Binance Convert Now Includes LUNC And USTC
The addition of LUNC and USTC to Binance Convert, a feature that enables users to convert one cryptocurrency to another quickly, was announced by Binance on Monday, September 12. All transactions are processed promptly by the exchange tool in accordance with the given ratio.
#Binance Convert adds $LUNC and $USTC.https://t.co/h5Kczx1XYb
— Binance (@binance) September 12, 2022
Holders of LUNC and USTC tokens can now effortlessly exchange them for BTC, USDT, BUSD, and other supported tokens on Binance Convert without incurring any fees due to the inclusion.
The original tokens of the Terra chain are LUNC and USTC. Community members gained control of the original chain, now known as Terra Classic after Terraform Labs created an entirely new chain.
Binance Remains Committed to Terra Classic
Binance has announced that it will apply a 1.2% tax burn to all on-chain transactions, such as withdrawals and deposits, as part of its growing support for the Terra Classic chain now owned by the community.
At first, Binance only mentioned facilitating tax burning for on-chain transactions like deposits and withdrawals. However, as the community expressed dissatisfaction, the exchange stated that it would evaluate and debate off-chain tax burn for Terra Classic (LUNC).
What Does This Mean for Investors?
The crypto exchange’s growing support for the Terra Classic chain might boost LUNC and USTC trading volume on Binance, which makes up more than 35% of the exchange’s trading volume.
Terra Tokens Skyrockets Over 200%
As the community strives to resuscitate the tokens, trading volume for Terra tokens is at an all-time high. Terra Classic (LUNC) and TerraClassicUSD (USTC) climbed CoinMarketCap’s top 100 list of cryptocurrencies. The price of LUNC soared by more than 200% in a week, recording a high of $0.00058.
The price of Terra (LUNA) increased by nearly 200% in just two hours, hitting $7.06. Daily trading volume for LUNA was close to $6 billion, almost twice that of LUNC.
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