Binance will add an opt-in button that allows users to pay 1.2% tax on LUNC trading, the platform announced today.
Binance CEO talked about the most recent LUNC burn in a blog post on Friday. He says the decision to implement the button is in response to a wide-ranging desire from Binance users. The CEO listed the following steps Binance will be taking in response to the LUNC burn:
Step 1. Implement an opt-in button so that people can sign up to pay 1.2% tax on their LUNC trade.
Step 2. When the opt-in accounts reach a holding of 25% of the total LUNC on Binance, it will charge a 1.2% tax to all opt-in traders when they trade LUNC. This prevents people who don’t own the coin from influencing the votes. It also gives early adopters peace of mind that they are not the only ones paying an extra 1.2%. The tax only takes effect when there is a quorum of 25%. This should encourage them to sign up more easily.
Step 3. When the opt-in traders reach 50% of the total LUNC trading volume on Binance, the 1.2% trading tax will be rolled out on all Luna Classic trading. This prevents large LUNC whales that possess large amounts but do not actively act to influence votes.
According to the CEO, the feature will be removed if “the threshold for Step 2 cannot be reached within a month.” An exact date for the button’s addition has not been confirmed.