WEEX is set to become the first exchange to join Binance in implementing a monthly LUNC burn program.
Starting September 1, WEEX plans to allocate 50% of LUNC spot and margin trading fees toward monthly LUNC burns, following a model similar to Binance’s existing LUNC burn program.
The move would add another exchange to the ongoing effort to reduce the circulating supply of Terra Classic’s native token, LUNC.
WEEX Monthly LUNC Burn Program
Under the planned program, half of the fees generated from LUNC spot and margin trading on WEEX will be allocated to LUNC burns.
The burns are expected to take place on a monthly basis, creating a recurring mechanism that directs part of trading activity toward reducing the LUNC supply.
The program is scheduled to begin on September 1.
Affiliate Funded Burns Already Started
In addition to the monthly trading fee burn program, WEEX has already started its affiliate funded burn mechanism.
Affiliate revenue generated through the campaign will be divided into two equal portions.
50% will be used for additional LUNC buybacks and burns.
50% will be allocated to a shared community and partner pool for LUNC aligned initiatives.
This means the affiliate campaign is already contributing to the LUNC burn initiative before the main monthly trading fee program begins in September.
Expanding Exchange Support for LUNC Burns
Binance has been the largest exchange associated with a recurring LUNC burn mechanism. WEEX joining the effort would introduce another centralized exchange that directly allocates a portion of trading related revenue toward LUNC burns.
The combination of monthly trading fee burns and affiliate funded buybacks provides two separate mechanisms through which WEEX plans to support LUNC supply reduction.
With the monthly program scheduled to begin on September 1, the Terra Classic community will be able to track the contribution from WEEX alongside existing LUNC burn activity.
