Binance Accepts LUNC Transaction Fee Loss To Satisfy The Community

Binance suddenly introduced a policy to burn all spot and margin trading fees of pairs with LUNC in the form of LUNC coins. Binance’s loss-making action this time to please the community and LUNC developers. LUNC price after the announcement increased more than 23%.

The largest ryptocurrency exchange has completely changed its mind when it announced the burning of LUNC transaction fees to please users.

As mentioned in previous Coincu News articles, Binance’s original decision to refuse to apply the 1.2% burning mechanism of LUNC transaction value, also known as the “coin burn tax” LUNC”. The reason given by Mr. Zhao is that this will not benefit users, market makers, large investors, etc., forcing them to switch to other platforms that have not yet applied the tax.

However, after that, the CEO disappointed the community when he made the decision to apply the burning of 1.2% of the value for each LUNC transaction. Under this new proposal, once the opt-in account reaches 25% of the total LUNC held on Binance, the exchange will start charging a 1.2% tax to all traders who opt-in when they trade LUNC. In the case of 50% of traders participating, the exchange will apply a transaction tax of 1.2% to all LUNC transactions.

On September 26, Binance suddenly released its latest statement on the LUNC tax issue. Accordingly, the world’s largest cryptocurrency exchange will “burn all spot and margin trading fees of pairs with LUNC” in the form of LUNC coins. Currently, the base transaction fee of the LUNC spot pair is 0.1%, with a 24-hour trading volume of nearly 600 million USD.

The weekly amount of LUNC burned will be updated by Binance every Tuesday, while the burn date will be Monday. This change is in effect for an indefinite period, until further notice.

The act of accepting a loss of revenue from LUNC transaction fees is to satisfy the whole LUNC community, while meeting the commitment to burn part of LUNC to reduce supply and retain users. It can be seen that this is a very high move by Binance to ensure the interests of all parties.

Before that, the LUNC price continuously dropped sharply, but only after the announcement of Binance made the whole community excited. LUNC price up 40%, currently trading at $0.000321.

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