Last week, the crypto giant, Binance, launched an off-chain burning mechanism in order to enhance the efforts of the Terra community to reawaken LUNC, the Terra LUNA Classic Token. Binance, however, resorted to a burning action as a result of the mixed feelings it sensed among members of its community.
Binance’s Reviving Move
On the 23rd of September 2022, Changpeng Zhao, the Chief Executive Officer of Binance, released a statement that the crypto company will develop a non-compulsory 1.2 per cent tax on transactions involving LUNC. The CEO also mentioned that they would make the 1.2 per cent tax available for all traders on their platform.
He further said that if traders who choose to pay the optional levy are up to 50 per cent of the total volume of the LUNC traders in the Binance platform, they may have to impose the tax on all traders. The action of the user triggers the tax imposition action.
The Binance CEO revealed some days after the post that their initial plan had some issues. As a result, the exchange introduced and improved techniques to revive the Terra LUNA classic coin. Zhao hinted that the crypto company’s latest decision is to burn every transaction levies wholly it plans to receive from its LUNC/USDT and LUNC/BUSD margins trading pairs and spot.
The recognized burning address of LUNC will receive the collected fees after it has been converted to LUNC. Zhao hopes that, with this plan, Binance will achieve the ability to positively impact the declining supply of LUNC while being fair to its holders and traders.
The Impact Of The Actions
LUNC investors further their search for methods to reawaken the token following the disreputable fall of Terra. Crypto exchange companies stretched their helping hand in various ways, including burning, buyback, listing, and airdrops.
The community members also worked on enforcing the 1.2 per cent on chain tax for all transactions involving LUNC. These reviving actions yielded results as the token showed some improvement as it rose to 250 per cent on the 9th of September 2022.
At the moment, Do Kwon is being sought after by the authorities in South Korea after being allegedly accused of going against the capital market regulations in the country.
On the 14th of September, an arrest warrant was issued for the apprehension of Kwon and five more individuals. After that, on the 26th of September, Interpol (International Criminal Police Organization) published a “Red Notice” for Kwon. A request for law enforcement agencies worldwide to detain people in various situations, such as legal charges, is known as a “red notice.”