LUNC investors react to CZ's 1.2% trading tax recommendation on Binance
Changpeng Zhao, the CEO of Binance, recommended a flat 1.2% trading tax on LUNC trades that could be burned to reduce the token’s total supply and improve its price performance. The infamous collapse of the Terra ecosystem, which erased market prices of TerraUSD (UST) and LUNA tokens, continues to trouble anxious investors as co-founder Do Kwon, crypto exchanges and the community together tries to identify the best route for a sustainable price recovery.Most recently, Changpeng ‘CZ’ Zhao, the CEO of crypto exchange Binance, recommended a flat 1.2% trading tax on LUNC trades that could be....
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The Binance crypto exchange will burn all trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs. 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 trading LUNC. Zhao added that they will roll out the 1.2% tax for all LUNC....
LUNA Classic (LUNC) is still receiving a lot of support from investors and firms in the space despite having lost a significant portion of its value after the Terra network crash. LUNC’s supply ballooned during this time, reaching trillions of tokens in circulation. This increased supply continues to hinder the increase in price for the digital asset, prompting various burn initiatives to help reduce its supply. More Than 24 Billion LUNC Burned Since the LUNC burn was implemented a couple of months ago, it has ramped up to include burns from Binance, the largest crypto exchange in the....
In response to proposals from the LUNC community, Binance has decided to burn all fees on LUNC spot and margin trading pairs. Binance said it would send the trading fees and margin trading pairs to LUNC burn addresses. The announcement was made via a blog post on Binance’s official website. The Terra Classic community expressed dissatisfaction with an ‘opt-in button proposed by Binance CEO. Binance offered the opt-in button to allow users to choose whether to implement a 1.2% tax burn on their spot. Related Reading: ETH Struggles To Break Past $1,300 Resistance – Back To $1K?....
According to the crypto exchange, the burn was the equivalent of 1,863,213.47 USDT — roughly 5.5 million LUNC. Cryptocurrency exchange Binance has announced it completed the first burn of Terra Classic tokens’ trading fees in response to a community proposal from September.In an Oct. 3 update, Binance CEO Changpeng Zhao said the exchange had burned roughly $1.8 million worth of Terra Classic (LUNC) — formerly Terra (LUNA) — trading fees for LUNC/BUSD and LUNC/USDT spot and margin trading pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether (USDT) — roughly....
Terra Classic is showing some signs of life thanks to a system that is being implemented by leading cryptocurrency exchange platform, Binance. Binance burns another 3 billion LUNC, brings total of burned units to 17.9 billion LUNC briefly exhibits upward price rally, up by 5% in the past 24 hours at one point A 12% dip might bring Terra Classic price all the way to $0.00018 It can be recalled that on September 26, 2022, the company decided to burn all spot and margin trading fees on LUNC transactions by sending them to a specific wallet address. This was Binance’s response to the proposal....