Crypto

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

The post CZ Suggests Charging Users A Fee For Burning LUNC Tokens, Criticized appeared first on Coinpedia Fintech News

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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