THE TAX WILL ONLY START WITH A 25% QUORUM. ALSO, IT GIVES EARLY ADOPTERS PEACE OF MIND THAT THEY ARE NOT THE ONLY ONES WHO WILL PAY AN EXTRA 1.2%. “THIS PREVENTS PEOPLE WHO DON’T HAVE THE LUNC FROM INFLUENCING THE VOTE. This TAX BURN will only apply to those who are willing to “burn” their coins. If the number of LUNC holder users who choose to apply the TAX BURN exceeds 25% of the total LUNC held on Binance, then the exchange will proceed to the second step, which is to charge the 1.2% TAX BURN to those traders who have chosen to participate in it. This button will be visible to LUNC holders and they will be able to activate it if they would like to burn 1.2% of their LUNCs on every transaction. The first step of the plan is to implement an “opt-in” button for LUNC tax burn. CZ presented a three-step plan that would help him decide whether to implement the tax burn or not. However, Binance didn’t stop at the above statement, but also suggested a solution for the Terra Luna Classic community. “IF BINANCE CHARGED 1.2% PER LUNC TRANSACTION I DON’T THINK WE WOULD ACHIEVE ENOUGH BURN, BECAUSE MOST LUNC TRADERS WOULD MOVE TO OTHER EXCHANGES THAT WOULD NOT HAVE THE TAX”. CZ in its latest post justified the decision not to include intra-Binance transactions in the 1.2% BURN TAX, expressing the view that this would deter users from trading LUNC on Binance and force them to move to other exchanges: How we arrived at the new proposalīinance originally announced on September 9 that it would only apply the 1.2% tax to transactions within the Terra Luna Classic chain, such as deposits and withdrawals. Essentially it’s a “voting mechanism” for whether Binance should implement the 1.2% BURN TAX on the Terra Luna Classic. Later, in a post on the Binance blog, he gave more details about this proposal. It is understood that if the Terra Luna Classic community manages to respond, then we will most likely witness the rebirth of the blockchain that had collapsed spectacularly a few months ago.ĬZ in an Ask Me Anything on Twitter, mentioned that Binance will be adding a radio button for those who wish to apply the burn. ![]() Through its CEO, Changpeng Zhao (CZ), it gave a proposal-challenge and at the same time a way to start “burning” LUNC and on all in-exchange transactions. The Luna crypto community is currently focused on reducing the supply of both LUNC and TerraClassicUSD (USTC) tokens after a significant upgrade in May intended to align the chain with Terra 2.0 and other Cosmos chains.Binance has shown the light at the end of the tunnel for the Terra Luna Classic (LUNC) community. LUNA opened the week with a 2.52% surge while LUNC surged by 3% immediately after Binance revealed the amount of tokens it has burned. Luna crypto tokens, LUNC and LUNA Copy link to sectionīoth LUNA and LUNC cryptocurrencies responded positively to the Binance LUNC token burn. ![]() This strategy guarantees a constant reduction in the total supply of tokens, potentially increasing their value over time. The Terra Classic burn mechanism is programmed to burn tokens automatically every time a transaction takes place on the network. Notably according to on-chain data confirms, 13.25 million LUNC tokens in the form of a transaction fee were also included in the transaction. With this most recent burn, Binance has now burned more than 35.5 billion LUNC tokens, and the total Terra Luna crypto community burn has now surpassed 68 billion.īinance sent the 2.65 billion LUNC tokens to the burn address, thereby lowering the total supply in circulation. The largest cryptocurrency exchange in the world, Binance (check out its review here), has carried out its 11th LUNC burn round in an effort to reduce the supply of Terra Classic (LUNC) tokens, resulting in the destruction of 2.65 billion LUNC tokens.
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