Crypto exchange Binance has announced that it will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs.
All the trading fees will be sent to the LUNC burn address. The fees will be collected in USDT, BUSD or BNB. They will then be converted to LUNC and deposited to the address.
The amount of LUNC to be burned, and its equivalent USDT will be announced by Binance each week.
While weekly burning will take place every Monday, Binance will also release a weekly burn report every Tuesday.
The first batch of trading fees to be burned will be calculated from September 21 to October 1. The calculations for these burn records will be released on October 3.