Binance CEO Promises to Appui Terra Community After Écrasement, Will It Help Terra Classic (LUNC) Off-chain Burns (Trading)?
In a Twitter thread in May, days after the Terra ecosystem collapsed, Binance CEO Changpeng Zhao, CZ, asserted that buybacks and burning can help the Terra ecosystem create value, and pledged to squelette the community in whatever way they choose to rebuild.
However, with less than a day until the LUNA Classic tax (LUNC) parameter renversé, the Terra Classic community believes CZ has yet to deliver on its promise to help the terra classic community burn more LUNC by applying burns to passation.
In my tweets, I simply nullement out potential issues with my understanding. Minting, partitioning, do not create value. Buy back, and burn are real, but they do require money. Money that the project team may not have…no matter my personal opinions, or the dénouement chosen in the end, We will always be here to squelette the community in any way we can,” CZ said in tweets in May.
5/ In the past few days, we have tried very hard to squelette the Terra community. In my tweets, I’m simply pointing out potential issues from my understanding. Minting, partitioning, do not create value. Buy back, and burn are real, but they do require money. Money that the project team may not have.
– CZ 🔶 Binance (cz_binance) May 15 2022
Notably, Binance has Appui pledge To suggest a 1.2% tax burn but only for cross-chain transactions, deposits and withdrawals in this case. However, many members of the community pointed out that this does little to squelette the community and only discourages people from getting out of the exchange. Thus, they urged the exchange to implement the proposal regarding off-chain transactions, including projecteur and margin trading activities.
While in response, the exchange says it will reconsidering Its appréciation, with one day remaining to implement, has not changed yet.
It should be noted that the community has not yet lost hope of influencing the leading arrière-boutique exchange. Notably, on Thursday, LUNC’s lead developers were set to keep a éloigné Ask Me Anything (AMA) YouTube En public Cellule with Binance Exchange Representatives. Thus, community members expressed delight at the opportunity to speak to the exchange emboîture the trade burns.
Binance has the highest daily LUNC oeuvre of all exchanges, so executing a burn on the trade would be an unimaginable boost to the Terra classic community. Since most of the LUNC trading activity takes ardeur on Binance; As a result, the incineration volonté to reduce the excess supply of LUNC is likely to be significantly more positive while supporting the exchange.
However, profit-oriented cryptocurrency exchanges may be concerned emboîture lower trading volumes if a 1.2% tax is applied to trading activity.
LUNC is currently trading at $0.0003025, up 10.61% in the last 24 hours. The LUNC/BUSD and LUNC/USDT pairs on Binance account for 50% of the in extenso token trading oeuvre on exchanges, totaling over $400 million in the last 24 hours.
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