terra After the massive collapse of the network in May, Terra and Terra Classic divided into two networks. Since then, many exchanges have announced that they support the Terra Classic network tokens.
One of these exchanges is the world’s largest cryptocurrency exchange. Binance it happened.
Binance supporting LUNC tokens on the Terra Classic network in early September Terra Classic (LUNC) and TerraClassicUSD (USTC) announced that it supports the 1.2% tax burning mechanism applied for
CZ’s LUNC Suggestion!
in the Terra network altcoins While the support for the burning mechanism applied for Binance CEO Changpeng Zhao (CZ), In a recent session on Twitter Spaces, LUNC presented a new proposal on the tax mechanism.
CZ, LUNC He suggested that whether the 1.2% tax burning mechanism should be applied in the transactions should be left to the user’s preference while the transaction is being processed.
Making a statement after CZ’s suggestion, Binance stated that this situation has changed and that LUNC/BUSD and LUNC/USDT announced that it will implement a burn mechanism by sending all trading fees collected on spot and margin trading pairs to the LUNC burn address.
posting on twitter CZsince Friday’s AMA session, Binance’s LUNC He explained that his community was discussing how to better support tax-burning claims, and that it was ultimately left to users’ choice.
CZ said the following was instrumental in changing this recommendation:
“1) The LUNC community was not happy with this approach. 2) It would take some time to develop. 3) It wouldn’t work anyway.
Instead of leaving it to users’ discretion, we have decided to burn all trading fees collected on LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance.
Fees will be converted to LUNC and then sent to the cremation address.
This way we can be fair to all users. The trading experience and liquidity remain the same and Binance can still contribute to LUNC’s supply reduction as the community wishes.”
» Binance To Implement Terra Classic (LUNC) Burn Mechanism
Quick thread on what we’re doing and why below.https://t.co/b86RlCGPmv
— CZ 🔶 Binance (@cz_binance) September 26, 2022
LUNC, which has been on the rise after the news, has recorded a 15% increase in the last hour and is trading at $ 0.000319 at the time of writing.
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