Binance Burns 5.5 Billion LUNC, The Community Boycotts Huobi, KuCoin and Others Over Cold Feet On LUNC Burn

Binance introduced a burn mechanism in response to the LUNC community recommendation on burning trading fees while preserving a positive user trading experience. The idea was to transmit all trading costs for LUNC spot and margin trading pairs to the LUNC burn address to burn them.

A statement from the exchange will be updated each week with the precise amount of LUNC to be burnt, its equivalent in USDT, and the on-chain transaction ID.

According to the exchange, the burn mechanism’s validity period will run from 2022-09-21 00:00:00 (UTC) until further notice.

In an announcement from the top cryptocurrency exchange, in just one week of the burn mechanism implementation, the exchange has been able to burn a massive 5.5 Billion LUNC, to be precise, 5,595,907,838.67 LUNC. This amount is equivalent to 1,863,213.47 in USDT.

First LUNC burn, $1.8 million ish.
https://t.co/b86RlCYqe3

— CZ 🔶 BNB (@cz_binance) October 3, 2022

This number is expected to continue growing every week. Every Monday at 00:00:00(UTC), the total trading costs on LUNC spot and margin trading pairs that are to be burnt from the prior week will be calculated. Each Tuesday at 00:00:00(UTC), the ensuing on-chain burn transaction and a weekly report will be updated.

LUNC Community Boycotts Gate.io, Huobi, KuCoin, and Others Over Cold Feets On LUNC Burn Implementation

Since then, the community has been super pumped with Binance’s move to support the project and expects some other top exchanges to follow suit. However, most other exchanges are very calm with making moves to clearly state whether they’d be supporting the burn or not.

Most of the community’s top supporters are now boycotting other exchanges, such as Gate.io, Huobi, and KuCoin, as these exchanges are still mute to the community’s request.

Just uninstalled #kucoin #gateio #huobi and #kraken till they release a statement regarding burns. If nunber 1 exchange #binance can do it then you guys should too.#LUNC

— Bull.BnB (@bull_bnb) October 3, 2022

Although many of the supporters are confirming that Gate.io might join the train and support the burn, as of the time of writing, nothing official has been released from the cryptocurrency exchange.

LUNC Price Action

Despite the figures from the Binance news burn release, the asset’s price value didn’t respond to the news as it remained in the same spot. However, LUNC recorded a significantly increased trading volume on the Binance exchange, almost overtaking the second largest cryptocurrency, Ethereum. According to data from CoinMarketCap, $LUNC has a 24-hour trading volume of $896,543,476 with a current market cap of $1,957,826,218.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.