LUNC fee burning: Will Coinbase and KuCoin heed community calls to join Binance and burn fees?
Coinbase is the latest exchange to be pressured by the Terra Classic community to relist the LUNC token and implement its 1.2% burn tax.
In September, LUNC introduced a 1.2% tax on every transaction. These trading fees are then burned to improve the price performance of the failed cryptocurrency.
Both Binance (BNB) and KuCoin (KCS) have reintroduced the terra classic cryptocurrency to their exchanges and implemented this burn tax.
BNB to USD
Coinbase petition
A petition has been filed on Change.org to relist the LUNC cryptocurrency on the Coinbase exchange.
The cryptocurrency exchange delisted Terra Classic earlier this year after it crashed in May.
Despite the development team founding the new LUNA2 crypto and LUNC still finding support from its community, neither are listed on Coinbase.
LUNA2 to USD
According to the Change.org petition:
However, only 423 have signed the petition, at the time of writing.
The petition added: “Since we are hitting new ATH’s every day, we are still missing a vast amount of people which trade on Coinbase and Webull and the community would appreciate it if both re-list LUNC back on for trading.”
Binance and KuCoin integrate burn fee
It is not unheard of for a major exchange to listen to the LUNC community. Binance implemented the 1.2% burn mechanism to all LUNC spot and margin trading pairs in response to the community’s proposal.
Binance keeps track of the amount of burned LUNC every week. For the week from 2 October to 8 October, it saw $916,502 worth of terra classic fees destroyed.
KuCoin is another major exchange to implement the burn tax. It charges 1.2% on every withdrawal of LUNC and terraclassicusd (USTC).
KCS to USD
New listing
Recently, on 10 October, the CetoEX cryptocurrency exchange listed terra classic and integrated its 1.2% burn tax.
????Thrilled to announce Terra Classic (LUNC) listing soon on @Cetoex#LUNC going to ????????????
— CetoEX (@Cetoex) October 5, 2022
Terra Classic (LUNC) Burn Mechanism on Trading on-chain & off chain burn????????
????Get ready to trade on world leading #crypto trading platform#LUNC #LUNCARMY #Lunccommunity pic.twitter.com/blV3XplJkp
However, LUNC’s price has not seen much action since this listing. At the time of writing on 11 October, it was down 4% over the past 24 hours and 7% in the previous week.
Yet, it has managed to sustain its $1.7bn market capitalisation, ranking it 32nd out of all cryptocurrencies, above the new LUNA2 coin.
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