Crypto Exchanges Join Luna Burn Efforts By Destroying Transaction Fees

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Several major cryptocurrency exchanges have backed the Luna burn efforts by vowing to burn transaction fees from trading Terra Luna.

During the Luna crypto crash, the Luna circulating supply rose from 350 million to 6.5 trillion, seeing the price of Luna crash below $0.01. As Do Kwon and the TerraForm Labs team push for a Luna 2.0, some holders have criticised the proposal. Instead, they call for mass burns to push the supply down and the price up.

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And now, it seems that some crypto exchanges have joined the burning efforts.

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Exchanges Burn Terra Luna

As #BurnLuna continues to trend on Twitter, exchanges have joined the effort to destroy some of the Luna supply.

Posting its own Luna recovery plan, perhaps in a nod to the official Luna recovery proposal by Kwon, MEXC Global asked its followers if it should buy back Luna and burn it.

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Through its own poll - perhaps referencing the ongoing Terra Luna vote - it asked users to vote on their plan. While the percentages have not yet been revealed, MEXC said it would “utilise the actual trading fees from LUNA/USDT spot trading pairs to perform a secondary market buyback and proceed with Luna burn.”

Another exchange - BitKan - also released a poll asking if it should buy back Luna and burn it to decrease the supply. At the time of publication, 92% of the 3500 votes are in favour of the burn. Exchange BingX is also holding a vote to burn Luna.

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While Luna holders on Reddit praised these moves, many said they would want to see Binance burn Luna, too. Binance is the largest cryptocurrency exchange that trades Luna, given a Luna Coinbase listing no longer looks to be happening.

Binance CEO CZ has said on Twitter he does not support a Luna fork. Instead, he views a burning strategy as the best method reducing the supply, instead. However, this does not mean Binance will engage in the burns itself.

Much like the popular Shiba Inu burns, Luna burning support has taken off on social media. With an engaged community backing it, this does, however, appear that some accounts are using Luna burns as 'engagement bait'.

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Do Kwon has spoken out against the plan to rescue Luna with Luna burns, describing it as “literally burning money”. He also criticised those who said TFL could burn Luna, revealing TFL is down $30 billion this year.