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CZ Suggests Charging Users A Fee For Burning LUNC Tokens, Criticized

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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During a recent Q-n-A session on Twitter Spaces, Binance CEO Changpeng Zhao (CZ) put forward the idea of introducing a feature that would allow Luna Classic (LUNC) to charge a 1.2% trading fee to burn tokens. CZ said that, in this way, the community would be able to vote with its feet. However, FatMan criticized the proposed feature, claiming that it was “pretty silly.”

Nevertheless, the proposal was successfully implemented for all on-chain transactions on September 21. Supposedly, the tax burn will reduce the total supply of the LUNC token to 10 billion. On September 16, Binance disclosed that the 1.2% tax burn for LUNC and USTC deposits and withdrawals would be subjected to a 1.2% tax burn fee.

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