Sep 26, 2022 Muhammad Hamza Afzal
Changpeng Zhao, the CEO of Binance, faced anger from vocal supporters of Terra Classic (LUNC) after sharing Binance’s approach toward implementing a LUNC burn mechanism. The anger translated into a Twitter trend after the CEO shared his thoughts on questions about LUNC in his Twitter Space AMAs.
I answered the question about LUNC in my Twitter Space AMA just now.— CZ 🔶 Binance (@cz_binance) September 23, 2022
Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for burn. And see how many of the voting community do that first. Vote with your fees.
Sharing a three-step model, Changpeng Zhao suggested a first step that includes the addition of an opt-in button on the exchange for traders to pay a 1.2% tax on their LUNC trades. In step two, when the accounts that have opted-in to the program reach 25% of the total LUNC tokens held on Binance, a 1.2% tax will be imposed on every opt-in LUNC trade, thereby preventing non-LUNC holders from affecting the vote. In step three, if opt-in traders reach 50% of the total LUNC trading volume on Binance, then every LUNC transaction will feature a 1.2% tax automatically, regardless of traders' opinions and desires. If the threshold for step two isn’t reached within thirty days after the completion of step one, Binance is to remove the opt-in feature.
An outpouring of angry sentiment from the participants in the Twitter trend reflects their general opinion that the Binance CEO deems the LUNC community as “low-value clients”. According to numerous trend supporters, the Boycott Binance trend has been launched to act and secure the future of Terra Classic. Many tweets in the trend are calling on the community to move their LUNC tokens from Binance to other CEXs.
The hashtag got trending at a time when Interpol issued a "Red Notice" for the arrest of Terraform Labs co-founder Do Kwon, who faces charges related to the collapse of the Terra ecosystem. Issued on September 19, the notice is the latest development in the string of efforts directed toward Do Kwon's arrest.