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Binance announced it will implement a LUNC burn tax on all spot and margin trading pairs.
The 1.2% burn tax will be collected in USDT, BNB or BUSD and then converted into LUNC and burned every Monday.
The Terra Classic price pumped 73% in the wake of the announcement to give the highest LUNC price in nearly two weeks.
The news comes after the Binance CEO initially suggested a voluntary subscription.
Once more than 50% of LUNC traders on Binance are signed up to the subscription, the burn tax would go live for all internal LUNC trading on Binance.
But an announcement on September 26th on Binance.com announced the burn mechanism for all trading views on spot and margin trading pairs. The blogpost also contained the LUNC burn address, where LUNC converted from the 1.2% tax will be sent.
Binance is currently the top crypto market for LUNC, with the LUNC/BUSD and LUNC/USDT trading pairs dominating 56% of all trading volume.
In the past 24 hours, the LUNC trading volume on Binance is $905 million.
A 1.2% burn tax on this would amount to $10.86 million per day – or $76 million per week.
At the current price, $76 million would buy 252 million LUNC or 4% of the circulating LUNC supply ever week.
It's an exciting time for LUNC.
EverGrow is a reflection token on the BNB Chain which has burned through 53% of its initial supply in just a year.
A 2% burn tax on all $EGC buys or sells contributed entirely to the coin burn.
One of the reasons why the EverGrow burn tax was so successful is because it's scalable. When higher trading volume drives up the $EGC price, the funds for buyback and burn also grow.
The EverGrow burn rate is also set to grow with the launch of its NFT marketplace – LunaSky – which sends 100% of revenue to buyback and burn, with 15,000 EverGrow NFTs that also send their sales 100% to coin burns.
EverGrow is a unique project in its own right, which will no doubt inspire the LUNC community's direction.
FIND OUT MORE
EverGrow website: https://evergrowegc.com/
Lucro token website: https://lucrotoken.com/
EverGrow Twitter: https://twitter.com/evergrowcoinEGC
Lucro Twitter: https://twitter.com/lucrotoken
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