Binance CEO Gives A New Proposal To Apply 1.2% Burn On All Terra Classic (LUNC) Spot Trades

Binance Reluctant to Implement The 1.2% Tax Burn on LUNC Spot Trade, as CZ Suggests An Alternative.

Binance remains reluctant to implement the LUNC 1.2% tax burn on LUNC trades, with CEO Changpeng Zhao “CZ” bringing up an alternative for the exchange to introduce a feature that will allow users to choose to opt-in for the 1.2% trading fee.

Binance, among other notable exchanges, has indicated support for the Terra Classic (LUNC) on-chain 1.2% burn tax. Notwithstanding, most of these exchanges, including Binance, have not shown readiness to implement the tax burn on spot trades.

The reluctance has not been received well by the Terra community, as most proponents insist on the full implementation of the proposal. Notwithstanding, CZ noted that he would address the matter’s concerns in a scheduled AMA meeting with the Terra community.

The Twitter space, which was held on September 23 by Terra Rebels, featured CZ, who addressed the concerns raised by LUNAtics. Notwithstanding, CZ brought up a suggestion that would satiate both parties.

Live in Twitter Space AMA now.

— CZ 🔶 Binance (@cz_binance) September 23, 2022

He said:

“Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for the burn. And see how many of the voting community do that first. Vote with your fees,” CZ said in a tweet following the meeting.

I answered the question about LUNC in my Twitter Space AMA just now.

Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for burn. And see how many of the voting community do that first. Vote with your fees.

— CZ 🔶 Binance (@cz_binance) September 23, 2022

Binance has remained reluctant to implement the tax burn on a general scale as exchange fears that they fear losing customers by applying an extra 1.2% fee on trades.

However, Binance CEO comes with something new, an optional 1.2% LUNC burn feature on Binance; most Terra proponents have so far indicated satisfaction with Binance’s CEO proposal. A notable LUNAtic called the suggestion “a great middle ground.” 

“BREAKING NEWS: cz_binance proposes an OPTIONAL 1.2% $LUNC burn on all spot trades! I think this is a great middle-ground to get other exchanges onboard,” the individual noted in a tweet.

With this option, anyone who wants to burn 1.2% can go right ahead and send 1.2% of their balance to the burn address. No one will be stopping them. Anyone unwilling to apply a 1.2% tax on its spot transactions can simply ignore this feature and carry on with the normal trading fee.

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