Binance Conforms to Terra Classic (LUNC) 1.2% Tax Burn

Binance to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs.
According to TerRarity.io, the total number of burnt LUNC tokens accounts for 5,788,020,717, a mere 0.08% of the total supply.

The Terra Classic (LUNC) community still continues to set things on fire even after the implementation of the 1.2% tax burn parameter which went live last Wednesday. Nevertheless, data from TerRarity.io. reveal that since the implementation of the 1.2% tax burn, only about 1,5 billion LUNC have been excluded from circulation.

In line with the data, the total number of burnt LUNC tokens accounts for 5,788,020,717, a mere 0.08% of the total supply. Since the onset of the burning activity, investors have managed to send 4.2Billion to the burn address. Remarkably, the current burn rate stands at 304,897,995 LUNC tokens per day bringing the total supply down to 6.895 trillion LUNC.

According to TerRarity.io. , it is a great disappointment to the Terra Classic community. With the current burning rate in a year, only about 113 billion LUNC will be burned contrary to their set target of about 1 trillion LUNC tokens with the ultimate goal of reducing the total LUNC supply down to 10 billion LUNC eventually.

In order to meet the set objective, the Terra community is driving a huge portion of its efforts toward lobbying crypto exchanges. Particularly one, Binance, the largest crypto exchange in the world that hosts the largest LUNC daily trading volumes. While other crypto exchanges have coincided to back Terra Classic (LUNC)including KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn, Kraken, and the latest Binance.

Binance Conforms to a 1.2% LUNC Tax Burn

A recent blog post by CZ Binance states that Binance has decided to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs.

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’.

— CZ 🔶 BNB (@cz_binance) September 26, 2022

The tweet continues to state; “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”.

Earlier, Binance CEO, CZ had come up with an opt-in model proposal that contains a 3 step implementation process.

While some extolled CZ’s gesture, others like LUNC DAO, a community validator, did not take the proposal lightly. According to LUNC DAO, CZ proposed a plan that he clearly knows won’t lie down on the job.

https://twitter.com/LUNCDAO/status/1573613758164918273

Despite the rocking and rumbling by the Twitter community, the fact remains that support of the burn by Binance could significantly help the community achieve its goals faster so long as the exchange continues to host such volumes.

Currently, Terra’s native token is trading at 0.0002926, a 28.94% plunge in the last 24 hours.