LUNC Traders Express Discontent After CZ Plans to Raise 1.2% Fees to Trade LUNC on Binance

The collapse of the Terra ecosystem, which led to the plunge of TerraUSD (UST) and LUNA, continues to cause concerns among investors. As co-founder of Do Kwon, the crypto exchange and the community work together to find the best solution for a sustainable currency price recovery.

Changpeng Zhao, ‘CZ’, CEO of Binance, the world’s number 1 crypto exchange, has recently introduced a fixed trading fee of 1.2% for LUNC trading which can help burn to reduce the total supply of coins and improve price making topic Speaking to the community, CZ said:

“We will add options (on the Binance exchange) so people can choose to pay a 1.2% fee for their LUNC trades.”

However, Binance will start collecting taxes for traders who opt in according to the consensus of 25% of investors in LUNC to ensure that those who use it first. “No small sum to pay an extra 1.2%.”

This 1.2% fee will be applied to all LUNC trades after the opt-in reaches 50% of all LUNC volumes on the exchange.

I answered the question about LUNC in my Twitter Space AMA just now.

Another option is to implement a feature to let users opt in for their own 1.2% trading fee for burning. And see how many of the voting community do that first. Vote with your fees.

— CZ ???? Binance (@cz_binance) September 23, 2022

Recommendations from the LUNA community split into several voices as some supported CZ’s decision to increase options. while some have interpreted it as market manipulation by central entities.

CZ supports the burning of LUNC, but also believes in the community vote. This allows traders on the platform to draw conclusions, he added: “We listen and protect our users.” However, CZ knows that unless changes are implemented across all exchanges and the network, LUNC traders will want coins to other exchanges where coins are not burned.

On the other hand, South Korean authorities are now targeting Do Kwon after an arrest warrant was issued. Of course, he is now lost in the clouds and has not been found.

source: Cointelegraph