EN
Binance currently holds 35% of the total supply of Luna Classic, which raises questions about their involvement in the burn initiatives. While Binance has implemented a 1.2% burn tax proposal, the execution has not aligned with community expectations. The focus has primarily been on withdrawals and deposits, leaving out significant trading activities such as spot and margin trading that could greatly contribute to the burn process.
The community has expressed dissatisfaction with Binance's limited support for the burn initiatives. Following feedback from users, Binance has indicated a willingness to reevaluate their approach. This presents an opportunity for Binance to modify the existing burn proposal in a way that benefits both the exchange and the Luna Classic community, fostering a collaborative environment.
Collaboration between Binance and the Luna Classic community is essential for the success of the burn initiatives. With Binance owning a substantial portion of the supply, their active participation in the burn process could lead to significant improvements. By working together to create a proposal that meets the needs of both parties, a win-win situation can be achieved, benefiting the overall ecosystem.
Other exchanges, such as MEXC, have successfully implemented the 1.2% burn tax, demonstrating that it is feasible. The positive results from these exchanges highlight the potential benefits of a more comprehensive burn strategy. Binance's participation in similar initiatives could enhance the overall effectiveness of the burn process and restore momentum within the community.
As of now, the total burns amount to approximately 3.8 billion, with Binance users contributing to the efforts, albeit at a lower level than desired. The community is eager for increased participation from Binance, particularly in spot trading, which could significantly amplify the burn effects. The sentiment within the community remains hopeful, as there is still potential for positive changes.
To maximize the impact of the burn initiatives, strategic adjustments are necessary. Engaging with Binance's leadership, particularly CZ, to discuss potential modifications to the burn proposal could pave the way for a more effective strategy. By addressing the concerns of both Binance and the community, a balanced approach can be developed that supports the growth of the Luna Classic ecosystem.
In conclusion, the Luna Classic community is looking for proactive measures from Binance to enhance their support for burn initiatives. By fostering open communication and collaboration, both Binance and the community can work towards a mutually beneficial solution. The quicker these adjustments are made, the better the outcome will be for all stakeholders involved in the Luna Classic ecosystem.
Q: What is Binance's current role in the Luna Classic burn initiatives?
A: Binance currently holds 35% of the total supply of Luna Classic and has implemented a 1.2% burn tax proposal, but its execution has not met community expectations, focusing mainly on withdrawals and deposits.
Q: Why is the community dissatisfied with Binance's support for burn initiatives?
A: The community has expressed dissatisfaction due to Binance's limited support for burn initiatives, prompting Binance to consider reevaluating their approach based on user feedback.
Q: Why is collaboration between Binance and the Luna Classic community important?
A: Collaboration is essential for the success of burn initiatives, as Binance's active participation could lead to significant improvements in the burn process, benefiting both the exchange and the community.
Q: Have other exchanges successfully implemented burn taxes?
A: Yes, other exchanges like MEXC have successfully implemented the 1.2% burn tax, demonstrating its feasibility and highlighting the potential benefits of a more comprehensive burn strategy.
Q: What are the current burn statistics and community sentiment regarding Binance's participation?
A: As of now, approximately 3.8 billion has been burned, with Binance users contributing at a lower level than desired. The community remains hopeful for increased participation, especially in spot trading.
Q: What strategic adjustments are needed for the burn initiatives?
A: Strategic adjustments are necessary to maximize the impact of burn initiatives, including engaging with Binance's leadership to discuss potential modifications to the burn proposal.
Q: What is the conclusion regarding Binance's involvement in the Luna Classic ecosystem?
A: The Luna Classic community is calling for proactive measures from Binance to enhance support for burn initiatives, emphasizing the need for open communication and collaboration for mutual benefit.