![]() ![]() However, it is made clear by Binance that if the required 50% in the second step is not achieved within one month after the completion of the first step, then the participation button will be removed altogether. THIS WILL ENCOURAGE THEM TO CHOOSE MORE EASILY.”įinally, if the number of users participating in the 1.2% BURN TAX exceeds 50% of the total LUNC held on Binance, then the third step of the tax burn implementation program will come into effect, which is to be applied to all LUNC transactions within Binance without restrictions. THE TAX WILL ONLY START WITH A 25% QUORUM. ALSO, IT GIVES EARLY ADOPTERS PEACE OF MIND THAT THEY ARE NOT THE ONLY ONES WHO WILL PAY AN EXTRA 1.2%. “THIS PREVENTS PEOPLE WHO DON’T HAVE THE LUNC FROM INFLUENCING THE VOTE. This TAX BURN will only apply to those who are willing to “burn” their coins. If the number of LUNC holder users who choose to apply the TAX BURN exceeds 25% of the total LUNC held on Binance, then the exchange will proceed to the second step, which is to charge the 1.2% TAX BURN to those traders who have chosen to participate in it. This button will be visible to LUNC holders and they will be able to activate it if they would like to burn 1.2% of their LUNCs on every transaction. ![]() The first step of the plan is to implement an “opt-in” button for LUNC tax burn. CZ presented a three-step plan that would help him decide whether to implement the tax burn or not. However, Binance didn’t stop at the above statement, but also suggested a solution for the Terra Luna Classic community. “IF BINANCE CHARGED 1.2% PER LUNC TRANSACTION I DON’T THINK WE WOULD ACHIEVE ENOUGH BURN, BECAUSE MOST LUNC TRADERS WOULD MOVE TO OTHER EXCHANGES THAT WOULD NOT HAVE THE TAX”. CZ in its latest post justified the decision not to include intra-Binance transactions in the 1.2% BURN TAX, expressing the view that this would deter users from trading LUNC on Binance and force them to move to other exchanges: How we arrived at the new proposalīinance originally announced on September 9 that it would only apply the 1.2% tax to transactions within the Terra Luna Classic chain, such as deposits and withdrawals. ![]() Essentially it’s a “voting mechanism” for whether Binance should implement the 1.2% BURN TAX on the Terra Luna Classic. Later, in a post on the Binance blog, he gave more details about this proposal. It is understood that if the Terra Luna Classic community manages to respond, then we will most likely witness the rebirth of the blockchain that had collapsed spectacularly a few months ago.ĬZ in an Ask Me Anything on Twitter, mentioned that Binance will be adding a radio button for those who wish to apply the burn. Through its CEO, Changpeng Zhao (CZ), it gave a proposal-challenge and at the same time a way to start “burning” LUNC and on all in-exchange transactions. It does not store any personal data.Binance has shown the light at the end of the tunnel for the Terra Luna Classic (LUNC) community. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. ![]()
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