After months of waiting, Terra Classic [LUNC] the developers finally rolled out the 1.2% tax reduction protocol. The rollout has successfully garnered interest from the crypto community. In addition, several exchanges have come to support LUNC by implementing burn off-chain.
However, the crypto community was primarily interested in knowing Binance’s stance on this situation. Finally, Binance CEO CZ has broken his silence on this. Through a Blog, he mentioned the necessary details regarding his view on the 1.2% burning of LUNC. Shortly after the announcement, there was anger in the LUNC community as things didn’t seem to be completely in their favor.
What was CZ’s position?
CZ expressed his views regarding this episode as he believed that implementing the burn on Binance would not make much difference. According to CZ, the majority of LUNC traders would move to other exchanges that didn’t have the burn. Also, he didn’t think Binance would burn a significant amount of LUNC if it charged 1.2% per trade.
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However, Binance will implement an opt-in button, for people to agree to pay a 1.2% fee for their LUNC trading. When opt-in accounts reach 25% ownership of total LUNCs held on Binance, they will start charging a 1.2% fee for all opt-in traders when trading LUNCs.
CZ also mentioned, “We believe this is the most scientific way to ‘vote’ by our traders. We listen and protect our users.
It’s time for the LUNC community reaction
It’s no surprise that the LUNC community wasn’t very pleased after CZ’s announcement. Following this episode, LUNC investors and enthusiasts promoted #BOYCOTTBINANCE on Twitter as their expectations were not met. Nevertheless, shortly after the announcement, the LUNC community also shared a counter-proposal in which they offered some viable alternatives.
That’s why I support $LUNC community. New proposal and I’m sure it will be overwritten as well. @cz_binance this community will do whatever you suggest.#LUNC#LUNACLASSIC #LUCARMY pic.twitter.com/CpqtH7jUYp
— Bull.BnB (@bull_bnb) September 23, 2022
Aside from Binance, LUNC has been seen receiving support from several global exchanges, including KuCoin. More recently, MEXC, was another exchange that once again supported the 1.2% burn tax.
I will start pushing for MEXC as long as they support us!
— Classy 👾 (@ClassyCrypto_) September 24, 2022
Despite all these developments, LUNC suffered a lot as it recorded negative growth of 8% over 24 hours. At press time, LUNC is trading at $0.0002495 with a market cap of $1,528,910,737.
Since Binance is one of the largest crypto exchanges in the world, it remains to be seen how Binance’s stance on the burn will affect the performance of the coin.
We would like to give thanks to the author of this write-up for this incredible material
Terra Classic: This Crypto Exchange CEO Endures Heat From LUNC’s 1.2% Burn
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