Terra (LUNA): Binance boss Zhao's proposal divides minds

The infamous collapse of blockchain project Terra, which nearly wiped out the two proprietary cryptocurrencies TerraUSD (UST) and LUNA, continues to raise eyebrows in the crypto community as founder Do Kwon, the crypto exchanges, and the crypto users bicker currently heated about what measures are needed to get the project back on its feet.

In this regard, Binance CEO Changpeng Zhao is proposing that a fixed “trading tax” worth 1.2% be levied on all trades involving Luna Classic (LUNC). The funds received from this could in turn be used to burn part of the existing supply and stabilize the price. Zhao further elaborates:

“We will be rolling out the option on our Binance crypto exchange for users to choose to pay a 1.2% tax on their LUNC trades.”

However, the charging of the corresponding fee should be “opt-in” or voluntary and requires express consent. In this way, the stock exchange wants to ensure that not only the 25% of investors who voted in favor of the tax in a survey participate in the new idea.

However, another requirement must be met for this, as at least 50% of all traders must agree before the fee is finally charged.

However, Zhao's announcement has divided opinion in the community, as while some welcome his proposal, others see it as attempted market manipulation by a centralized platform.

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