The world’s leading crypto exchange is looking for new ways to support Terra Classic (LUNC). According to a recent announcement, Binance is adding Terra Classic (LUNC) and UST Classic (USTC) to Binance Convert. Here are the details…
Binance adds LUNC and USTC to Convert platform
Binance, which is the leading exchange with its daily trading volume, has recently made an announcement for LUNC and stablecoin USTC, which has attracted attention by making a splash. According to the announcement, the exchange added these two cryptos to its Binance Convert section. Users can now easily convert Terra Classic and USTC to Bitcoin, Binance USD (BUSD) and Tether (USDT) without any fees.
#Binance Convert adds $LUNC and $USTC.https://t.co/h5Kczx1XYb
— Binance (@binance) September 12, 2022
Binance Convert is a service where exchange users can quickly convert one crypto to another. This service is different from trading and is only used to convert one coin to another. The addition of Terra Classic and USTC to Binance Convert shows that the exchange is looking for ways to support Terra Classic. To use this feature, on the Binance website, users can click “Trade” and select “Binance Convert” from the top menu. On mobile, open your mobile app and tap “Trade” to select “Convert”.
Binance’s support for Terra Classic
Binance has announced that the exchange will apply a tax burn on all on-chain transactions such as deposits and withdrawals. However, the Terra Classic community did not welcome this decision. Because LUNC supporters wanted Binance to burn off-chain transactions such as LUNC and USTC trading. Binance has calmed community concerns by saying it will review Terra Luna Classic’s decision to burn.
LUNC’s trading volume exceeded 1 billion on Binance. Thus, the exchange has decided to allow major investors to trade and invest in Terra Classic. The exchange has decided to add a LUNC/USDT trading pair. Also, Binance futures launched LUNC perpetual contracts with up to 25x leverage.
Recent developments in the Terra LUNA ecosystem
As it is known, Terraform Labs behind the Terra project divided the old chain into Terra Classic (LUNC) and Terra LUNA 2.0 (LUNA/LUNA2). Terra Classic is the original version of the Terra Blockchain. LUNA 2.0 was created by Terraform Labs founder Do Kwon as part of a “regeneration” strategy. Kwon and his team are periodically airdropping LUNA2 tokens to users affected by Terra’s collapse.
At the time of writing, LUNC is changing hands at $0.00040678, down 9.1 percent. Although the cryptocurrency has lost value in the last 24 hours, its 7 and 14 day change is notable. LUNC is up 61.7% in the last 7 days, 222.8% in 14 days and 315% in 30 days.
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