Binance Extends Support for Terra Classic Chain, Convert Adds LUNC and USTC

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

  • After rallying by more than 400%, LUNC and USTC are now today’s biggest losers, dropping 14.57% and 21.08% today.
Top losers crypto

Top losers in the last 24 hours. Source: CoinMarketCap

Why You Should Care

The increasing support for the Terra Classic chain by the crypto exchange could increase the trading volume of LUNC and USTC on Binance, which contributes more than 35% of its trading volume.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).