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Binance Announces Zero-Fee Trading For LUNC, But There is a Catch

12 Sep 2022 By: Anirudh Trivedi
Binance Announces Ze

On Monday, the largest cryptocurrency exchange Binance announced the addition of Terra Classic (LUNC) and TerraClassicUSD (USTC) to Binance Convert. It now allows users to trade LUNC and USTC at zero fees against BTC, BUSD, USDT, and other tokens via Binance Covert.

Binance, in an official announcement on Sept. 12, announced additional support for Terra Classic (LUNC) and TerraClassicUSD (USTC), adding both Terra tokens to Binance Convert.

Users may now utilize the Binance Convert service to convert LUNC and USTC to any supported cryptocurrency at zero fees, including Bitcoin (BTC), Binance USD (BUSD), Tether (USDT), and others. 

The cryptocurrency exchange believes that including LUNC support in its services would improve trade volume on Binance. The exchange also extended its support for the Terra community. Furthermore, Binance provides no-fee trading for Bitcoin (BTC) and Ethereum (ETH).

Recently, Binance announced support for the 1.2% tax burn for Terra Classic (LUNC) and TerraClassicUSD (USTC) over the Terra Classic network. However, the exchange will only support tax burn on on-chain activities like deposits and withdrawals. After the community's disappointment with the decision, Binance indicated that it may examine and negotiate off-chain tax burn for Terra Classic.

Cryptocurrency exchange Binance currently accounts for almost 35% of LUNC supply. The community wants Binance to provide tax burn on spot and margin trading of LUNC and USTC.

Terra Tokens Soars Over 200%

Terra tokens are experiencing a spike in trading volume as the community aims to revive the tokens. The LUNC price increased by more than 200% in a week, hitting a peak of $0.00058.

Terra (LUNA) has also seen a 150% increase in the last four days, with the price hitting the $7.6 mark. Additionally, LUNA recorded nearly $6 billion in daily trading volume, nearly double that of LUNC.

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