After the Terra Classic Network wallet maintenance, Binance, the largest crypto exchange by trading volume, has announced the launch of Terra Classic (LUNC) against Tether (USDT) trading pair.
According to the announcement, Binance will start the LUNC/USDT trading pair at 08:00 (UTC) on September 9, 2022.
Top institutions and investors will easily trade and invest in LUNC once the top exchange adds the LUNC/USDT trading pair.
Top Exchanges Grow Interest In Embracing 1.2% tax burn for LUNC
Binance is also considering embracing the 1.2% tax burn for LUNC, which is an intriguing development. However, it isn’t Binance alone that is considering this move. Following the proposal’s official approval and implementation on the Terra mainnet, KuCoin announced it would add the feature to its platform.
— KUCOIN (@kucoincom) September 7, 2022
If TerraForm Labs chooses not to accept and implement the proposal, all LUNC token services will continue to be provided, according to KuCoin.
The exchange asked LUNC investors to deposit the tokens to its trading platform before September 12, 2022, to avoid surging deposit fees.
Investors decided to impose a 1.2% tax burn on all LUNC on-chain transactions in June 2022. Notably, Terra investors believe that the 1.2% tax burn proposal is the only way to fully compensate for the losses they sustained when the project’s stablecoin UST lost its peg to the dollar in May 2022.
According to the proposal, a 1.2% tax must be levied on all LUNC transactions. The tax-earned coins will be permanently removed from the token’s supply, increasing the coin’s value and attracting new investors.
LUNC’s market value has increased by 31.78% in the last 24 hours to around $2.9 billion, moving it to rank 26th. The market cap increased by 82.39% in the last seven days, from $1.59 billion on September 2 to around $2 billion today.
Notably, the asset now ranks higher in the market cap than popular assets like ApeCoin, Bitcoin Cash, Monero, Tezos, etc. Due to CoinMarketCap’s official LUNC ranking and supply update, the positioning is now better.
LUNC has increased 53% in the last 24hrs, trading at 0.00053.