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The world’s largest cryptocurrency exchange, Binance, has announced it is expanding support for the community-led Terra Classic chain and will be adding Terra Classic (LUNC) and TerraClassicUSD (USTC) to Binance Convert.
Binance Convert Adds LUNC and USTC
On Monday, September 12, Binance announced that it has added LUNC and USTC to Binance Convert, a tool that allows users to easily convert one crypto to another. The tool on the exchange processes all transactions instantly according to the provided ratio.
The inclusion now means holders of LUNC and USTC can now easily trade their tokens against BTC, BUSD, USDT, and other Binance Convert supported tokens without paying any fees.
LUNC and USTC are the original tokens of the Terra chain. However, after the chain was hard forked, with Terraform Labs continuing with the new chain, community members took over governance of the original chain, now known as Terra Classic.
Binance Continues Support for Terra Classic
In its increasing support for the forked Terra Classic chain that is now owned by the community, Binance has also recently announced that it will apply tax burn on all on-chain transactions like deposits and withdrawals.
Binance initially only announced support tax burns on on-chain activities such as deposits and withdrawals. However, the exchange said it will review and discuss off-chain tax burn for Terra Classic after the community expressed their disappointment.
On the Flipside
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Binance Extends Support for Terra Classic Chain, Convert Adds LUNC and USTC on DailyCoin
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