Binance CEO Urges LUNC Holders to Vote Tax Burn with Trading Fees

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Binance CEO Urges LUNC Holders to Vote Tax Burn with Trading Fees
  • The CEO of Binance proposed a 1.2% trading fee for the LUNC burn. 
  • A LUNA enthusiast called the CEO’s opinion silly.
  • LUNC’s circulating supply is 6.9 trillion, implying 99% of the token must be burned to hit the 10 billion target. 

The CEO of Binance, Changpeng Zhao, proposed introducing a feature that would enable Luna Classic (LUNC) users to choose a 1.2% trading cost to burn tokens during a recent ask-me-anything (AMA) session on Twitter Spaces. 

According to the CEO, doing so would allow the community to express its preferences through voting. However, FatMan, a social media influencer and self-described Terra whistleblower challenged the CEO’s opinion, saying  it is “quite ridiculous.” 

FatMan argued that people who wish to delete their coins from the circulating supply permanently could do so deliberately by transferring the tokens to the burn address instead. “To be honest, most of these people want others to burn. They won’t burn themselves,” the influencer added.

Recently, debates around the LUNC token have increased on social media after the 1.2% tax burn proposal came to life. At the moment, the entire supply of the LUNC coin is over 6.9 trillion, indicating that 99.82% of the current supply must be wiped out to attain the target of 10 billion LUNC.

According to a statement by Binance earlier this month, the tax will apply to all LUNC and USTC deposits and withdrawals a user makes to Binance. However, the tax will not apply to spot or margin trading for the two tokens.

This month’s dramatic spike in the price of the LUNA token was cut short when a South Korean court issued an arrest order for Terra’s Do Kwon. Prosecutors requested that Interpol issue a “red alert” for Kwon earlier this week to stop the controversial crypto entrepreneur from evading extradition.

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