Terra Classic (LUNC) Burn Proposal from Binance CEO: "Let's Do This First, Let's See!"

 

Binance CEO Changpeng Zhao (CZ) recently spoke about Terra Classic (LUNC) during an "ask me anything" session on Twitter Spaces.

Binance CEO Wants Terra Classic (LUNC) Burning Fees to be Left to Users' Choice

CZ has also commented on the recent proposal for Terra Classic to impose a mandatory 1.2% burn fee per transaction. According to CZ, deducting 1.2% of the tokens as a transaction fee for burning purposes should be left to the user's preference at the time of the transaction.

According to the renowned CEO, if this idea comes to fruition, the Terra Classic community will have voted with their will. CZ thinks it is important to consider what percentage of those who would normally vote in favor of this incineration proposal would allow an optional incineration.

Social media influencer and self-described Terra tipster FatMan criticised the proposed feature, claiming it was "pretty stupid". He noted that those who want to permanently remove tokens from the circulating supply can do so by voluntarily sending them to the burn address:

"To be honest, most of these people want others to burn tokens. They are not going to burn them themselves."

Following the passage of the 1.2% tax burn initiative, there was a sharp increase in discussions about the LUNC token on social media.

The proposal was successfully implemented for all on-chain transactions on September 21. The tax burn is expected to reduce the total supply of the LUNC token to 10 billion.

On September 16, Binance announced that LUNC and USTC would be subject to a 1.2% fee burn for cryptocurrency deposits and withdrawals.

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