After months of waiting, Terra Classic [LUNC] Developers have finally introduced the 1.2% tax reduction protocol. The rollout has successfully gained the interest of the crypto community. Additionally, many exchanges have come to support LUNC by implementing burn off-chain.
However, the crypto community was initially curious about Binance’s position in this situation. Finally, Binance CEO CZ broke his silence on the matter. through a Blog, He mentioned the necessary details regarding his view on LUNC’s 1.2% burn. Immediately after the announcement, there was anger in the LUNC community as things did not seem to be entirely in their favor.
What was the position of CZ?
CZ expressed his opinion about this episode as he believed that implementing Burn on Binance would not make much of a difference. According to CZ, most of the LUNC traders would move to other exchanges where there was no 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, in which people agree to pay a 1.2% fee for their LUNC trading. When opt-in accounts reach a 25% stake in the total LUNC held on Binance, they will begin charging a 1.2% fee to all opt-in traders when trading LUNC.
CZ also mentioned, “We believe this is the most scientific way to ‘vote’ our traders. We listen to and protect our users.
It’s time for the LUNC community to respond
It’s no surprise that the LUNC community wasn’t too happy after CZ’s announcement. After this episode, LUNC investors and enthusiasts took to Twitter to #BOYCOTTBINANCE because their expectations were not met Nevertheless, soon after the announcement, the LUNC community also shared a counter-proposal where they proposed some viable alternatives.
That’s why I support it $LUNC Community. New proposal and I’m sure it will be overwritten. @cz_binance This community will do whatever you suggest.#LUNC#LunaClassic #lookarmy pic.twitter.com/CpqtH7jUYp
— Bull.BnB (@bull_bnb) September 23, 2022
Apart from Binance, LUNC has been seen receiving support from several global exchanges including KuCoin. More recently, MEXC, was another exchange that again supported a 1.2% burn tax.
As long as they support us I will start pushing for Mexico!
— Classy 👾 (@ClassyCrypto_) September 24, 2022
Despite all these developments, LUNC suffered badly as it recorded a negative growth of 8% in 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 position on Bern will affect the currency’s performance.