Binance, the largest cryptocurrency firm by trading volume, has announced its intention to add Luna Classic (LUNC) and Terra Classic stablecoin (USTC) to its convert option. With this option activated, LUNC and USTC will be tradable against other coins or tokens without attracting network fees. Binance users can now swap their stablecoins or asset with Terra Classic pairs without paying any charge.
LUNC And USTC Now Included On Binance Convert
Binance convert is a service that allows retailers and large-scale investors to trade cryptocurrencies without transaction fees. A user can swap any asset listed on the option for another at equal value. It is a service incorporated by the firm to encourage beginners with low capital to buy coins at any rate.
In a recent update published on its platform, Binance announced it included LUNC and USTC on Binance convert. Therefore, this will allow users to trade the pairs against assets such as Ethereum, Binance Coin (BNB), Binance stablecoin (BUSD), and US dollar stablecoin (USDT). On the bright side, this will bring further improvement to LUNC.
To convert LUNC or other pairs on Binance convert, visit their app or website and click on trade. Afterward, go to convert from the options displayed and execute. Users can exchange an asset on Binance covert for as low as $1.
The firm has shown full support to Terra Classic pairs in recent days. Last week, it agreed to implement a tax burn mechanism on its on-chain transactions. The LUNC community proposed burning LUNC in hopes of the token’s revival after taking a fall a few months back.
Although, LUNC’s community was unhappy about Binance implementing the burn solely on on-chain activities. It expects that it will cover all transactions off-chain and on-chain. So, to please the community, Binance said it would scrutinize taxing off-chain trades for LUNC too.
LUNC Registered 200% With Support From Binance
September saw Terra Classic tokens pump significantly, allotting a 200% profit to investors. Luna Classic’s daily trading volume rose to $1 billion. LUNC took its place among the top thirty cryptocurrencies on CoinMarketCap.
USTC also recorded a similar increase on its end. And LUNA, LUNC’s replacement, witnessed a massive surge of 200% shortly after LUNC. However, this positioned all Terra tokens on the top 100 cryptocurrencies by market capitalization.
Binance could be held responsible for Terra Classic’s progress in the last few days. As of now, it supplies 35% of LUNC tokens through its exchange. Implementing the burn was only the beginning.
The exchange currently has 3.4 million LUNC in its custody after buying the token some years back. Despite Terra’s collapse in May, Binance did not sell its holding. The company says it does not plan to sell off anytime soon.
LUNC staking is now live on Binance’s exchange. It could be a journey to full recovery for the token.