Crypto-exchange Binance has just made an important announcement for Terra classic fans. To show their support, Binance decided today to add Terra Classic (LUNC) and TerraClassicUSD (USTC) to Binance Convert.
Binance users can convert LUNC with zero fees
This announcement allows users to exchange LUNC and USTC for BTC, BUSD, USDT and other tokens through Binance Covert at no cost.
Binance convert is a service where exchange users can quickly convert one crypto into another. This service is different from trading and is only intended to convert one coin into another. The addition of LUNC and USTC to Binance convert shows that the exchange is looking for more ways to support Terra Classic.
To use the feature, on the Binance website, users can click on “Trader” and select “Binance Convert” from the top menu. On mobile, open your mobile app and tap “Trade” to select “Convert.
Binance believes that adding LUNC support to its services will help increase the volume of trading on Binance. Then, extends support to the Terra community. In addition, Binance offers no-fee transactions for Bitcoin (BTC) and Ethereum (ETH).
Recently, Binance announced that it will support the 1.2% fee for Terra Classic (LUNC) and TerraClassicUSD (USTC) via the Terra Classic network. However, the exchange will only bear the tax burn on on-chain activities such as deposits and withdrawals. After the community’s disappointment with the decision, Binance said it may review and discuss the off-chain tax burn for Terra Classic.
The Binance crypto-exchange currently accounts for nearly 35% of LUNC’s offering. The community needs Binance to offer a tax break on Terra Classic and USTC cash and margin transactions.
However, the Terra Classic community did not welcome Binance’s decision because LUNC supporters wanted Binance to apply the burn on off-chain LUNC and USTC transactions like trading. Binance responded to the community’s concern by saying it may reconsider its decision to implement Terra Luna Classic Burns On Trading.
Terra tokens are experiencing massive trading volume as the community looks to revive them. In fact, Terra Classic (LUNC) and TerraClassicUSD (USTC) have entered the top 100 cryptos on CoinMarketCap. LUNC’s price soared over 200% in one week to a high of $0.00058.