Binance to burn all LUNC trading fees following community feedback

Binance to burn all LUNC trading fees following community feedback

To support the Terra community’s efforts to revive the Terra (LUNA) — now renamed Terra Classic (LUNC) — token, crypto exchange Binance announced an off-chain burning mechanism last week. However, after receiving mixed reactions from community members, the exchange revised its burning approach. 

On Sept. 23, Binance CEO Changpeng Zhao wrote that the exchange will create an optional 1.2% tax when tring LUNC. Zhao ded that they will roll out the 1.2% tax for all LUNC tring if trers who opt-in to pay the tax reach 50% of the total LUNC tring volume on the exchange, leaving the decision to users.

However, days after the post, Zhao laid out the flaws of their previous plan. Because of this, Binance announced a revised method to support the revival of LUNC. According to Zhao, the exchange will now completely burn all the tring fees that it collects from its LUNC/BUSD and LUNC/USDT spot and margin tring pairs. The fees collected will be converted into LUNC and sent to LUNC’s official burning dress.

Through this, the Binance CEO believes that the exchange will be able to contribute to decreasing the supply of LUNC and be “fair” to all users.

Related: Exchanges criticized for ‘nothingburger PR’ posts on upcoming LUNC tax burn

After the infamous Terra collapse, LUNC investors continued to vocate revival methods for the crypto token. Exchanges supported the revival through airdrops, listing, buyback and burning while community members worked on implementing a 1.2% on-chain tax burn for all LUNC transactions. Following this, the token showed signs of life, soaring by 250% on Sept. 9.

Meanwhile, South Korean authorities are now after Terraform Labs founder Do Kwon for allegedly violating the country’s capital markets law. A court located in Seoul, South Korea issued an arrest warrant for Kwon and five others on Sept. 14. Following this, the International Criminal Police Organization (Interpol) issued a “Red Notice” for Kwon on Monday. The Red Notice is a type of request for law enforcement bodies across the globe to arrest persons facing various situations like legal charges.

ARTICLE: Binance to burn all LUNC tring fees following community feedback
PUBLISHED: 2022-09-26 12:05:00 
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