It is unlikely that the Terra Classic community will give up on full Binance support for the 1.2% tax rate proposed on spot trades.
LUNC Burn, an unofficial account tracking LUNA Classic (LUNC) burn activity, shared a message from the Terra Rebels discord yesterday while revealing that an AMA session on YouTube with the Binance team had been scheduled for September 22, two days after the planned implementation of the 1.2% tax parameter modification.
Demomonkey stated on Discord:
“We have a huge ama that will happen here shortly…I’ve been setting it up. I won’t be hosting it. It will have people from Binance, Ed, and Vegas there. Plus, a few others from TR and I might join in as well. It will be on YouTube. @Interchainfm will be hosting it!! TIME AND DATE WILL BE “SEPT 22 @ 11 AM EST!!!” according to the message.
IBC Used During Terra USD (USTC) De-pegging?
Notably, a live stream titled “Binance: Will Binance ever open up IBC into the Interchain?” have already been put in place by the hosting YouTube channel, Chjango Unchained. IBC is an acronym that stands for Inter Blockchain Communication. Cosmos developed the protocol to transfer data or values between independent blockchains.
It is worth noting that Terra Classic, as a Cosmos chain, used IBC but disabled it during the Terra USD (USTC) de-pegging in May, which caused the price of LUNC to plummet as the stabilising algorithm led to excess minting of LUNC to avoid. Nevertheless, community member Max Callisto has proposed re-enabling the protocol on the Terra Classic chain to help reclaim lost liquidity and stimulate DeFi activity.
Terra Community Express Disatisfaction
Although the title of the AMA suggests that the session will be focused on IBC, comments under LUNC Burn’s tweet indicate that members of the community will be interested in questioning the Binance team about the implementation of the 1.2% tax rate proposal on LUNC trading.
The tax parameter change is scheduled to go into effect on September 20. It is worth noting that Binance hosts the highest volume of LUNC trading activity, and applying the tax rate to spot trading activities will be a remarkable win for the community.
Terra Classic community members are unhappy with how the exchange intends to implement the 1.2% tax parameter change. Binance, like Kucoin, revealed that the 1.2% tax rate would only apply to deposits and withdrawals, despite community demand that spot trading activity is also taxed. As a result, Binance announces that it will review its implementation strategy.