Thursday, October 6, 2022
HomeAltcoinsBinance CEO suggest feature to burn LUNC token

Binance CEO suggest feature to burn LUNC token

Changpeng Zhao, CEO of Binance, suggested adding a feature that would let Luna Classic (LUNC) users choose a 1.2% trading charge to burn LUNC token during a recent ask-me-anything event that happened on Twitter.

LUNC token

As per Changpeng Zhao, doing so would enable the community to cast its ballots with its feet. FatMan, the popular Terra whistleblower criticized the suggested feature, and called it “quite silly.”

FatMan clarifies that by transferring tokens to the burn address, people who genuinely wish to permanently delete LUNC from the circulating supply can do so voluntarily.

“To be honest, the majority of these people want to see “others” burn. They won’t set themselves” according to the influencer.

According to the news platform, conversations around the LUNC token have sharply increased on social networking sites after the 1.2% tax burn initiative passed.

On September 21 for all on-chain transactions, the idea was executed. The total supply of LUNC tokens is anticipated to drop to 10 billion after the tax burn.

Binance stated on September 16 that there would be a 1.2% tax burn fee on withdrawals and deposits made in LUNC and USTC.

Earlier this month, the LUNA token underwent a ferocious rise that was ended prematurely when a South Korean court issued a warrant to arrest Terra’s, Do Kwon. 

Prosecutors requested that Interpol issue a “red alert” for Kwon earlier this week in order to stop the renowned cryptocurrency businessman from evading arrest.

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