» Binance To Implement Terra Classic (LUNC) Burn Mechanism
Quick thread on what we’re doing and why below.
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Since my AMA on Friday, we’ve had a number of discussions about how Binance can better support the LUNC community’s requests for TX tax burns.
The last thing I said was we will implement an opt-in button. This has since changed. ‘Old’ blog for reference.
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Three things here:
1) The LUNC community wasn’t happy with this approach.
2) It’s going to take a while to develop.
3) It’s not going to work anyway. Our traders won’t vote for it.
Since then, we were discussing a better, quicker way to support the community.
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Instead, we have decided to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance.
Fees will be converted to LUNC then sent to the burn address. The burn is paid at our expense, not the users’.
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This way we can be fair to all users. The trading experience and liquidity remain the same, and Binance can still contribute to the supply decrease of LUNC, which is what the community wants.
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