The Binance boss claims that the exchange could potentially introduce an additional trading fee for burning LUNC tokens, but some community members disagree
During a recent ask-me-anything session held on Twitter Spaces, Binance CEO Changpeng Zhao floated the idea of implementing a feature that would allow Luna Classic (LUNC) to opt for a 1.2% trading fee to burn tokens. That way, according to CZ, the community could vote with their feet.
FatMan, a social media influencer and self-proclaimed Terra whistleblower, criticized the proposed feature, claiming it was “pretty silly.” He explains that those who do wish to permanently remove tokens from circulation could do so voluntarily by sending them to the Burn address. “To be honest, most of these people want *others* to burn. They’re not going to burn themselves,” explains the influencer.
As reported by U.Today, following the passage of the 1.2% tax burn initiative, there has been a sharp increase in discussions about the LUNC token on social media.
The proposal was successfully implemented on September 21 for all on-chain transactions. The tax burn is expected to shrink the total supply of the LUNC token to 10 billion.
On September 16, Binance announced that the 1.2% tax burn on LUNC and USTC deposits and withdrawals would be subject to a 1.2% tax burn fee.
The LUNA token staged a wild rally earlier this month, which was then cut short when Terras Do Kwon was issued an arrest warrant by the South Korean court. Earlier this week, prosecutors urged Interpol to issue a “red notice” on Kwon to prevent the controversial crypto entrepreneur from fleeing extradition.