After Binance Announces LUNC Trading Fee Burns, CZ Wins Terra Investors’ Hearts While FatMan Gets Slammed.
LUNC investors express gratitude to CZ but not FatMan.
Changpeng Zhao “CZ,” the CEO and founder of Binance, has won the hearts of the Terra classic community following the exchange’s announcement that it would burn trading fees on LUNC spot and margin trading pairs.
LUNC Investors Initially Slammed Binance and CZ
Recall that the world’s largest exchange by 24-hour trading volume was criticized earlier this month for not accepting to fully support the 1.2% tax burns. Some members of the Terra community took to Twitter to air their grievances at the time.
“Extremely disappointed in CZ for not keeping his word. Applying the 1.2% tax to withdrawals and deposits only discourages people from leaving Binance. They are not applying the LUNC burn to the spot + margin trading AKA what the community asked for,” an unofficial Terra account, LUNC DAO tweeted.
Binance quickly dismissed critics, saying the 1.2% tax burn was introduced to all LUNC on-chain transactions (deposits and withdrawals), as recommended in the community proposal. However, Binance assured aggrieved LUNC investors that it would review its decision soon.
Terra Classic Investors Make U-turn
Interestingly, Binance has implemented the Terra Classic burn mechanism on all Terra classic trading fees.
Following Binance’s decision, a Twitter user drew the attention of CZ to the criticisms the exchange received for not implementing the tax burn across all LUNC services on the platform.
“I hope those who made bad comments about you are ashamed now. we always believed in you, we trusted you, we love you cz,” the Twitter user said.
Responding to the comment, CZ said:
“Have a feeling there won’t be many apologies, lol…”
Since Binance’s founder announced the LUNC burns, several LUNC investors have expressed gratitude and apology to CZ and the exchange.
I myself was never for the hate towards @binance and especially you CZ. On behalf of the #LUNCcommunity Id like to directly say We are not too big to admit taking the wrong stance, with that being said we apologize and we are thankful!!! 💯🦾
— Kno Idea 🏄🏾♂️🌊 (@producerknoidea) September 26, 2022
Terra Rebels says CZ is a true leader:
This is leadership… even decentralised chains need leaders. https://t.co/b4l2CZHzBM
— TerraRebel (@RexYellerBelly) September 26, 2022
LUNC Holders Slam FatMan
Meanwhile, famous Terra pseudonymous whistleblower FatMan has continued to “get on the nerves” of LUNC investors. Recall that FatMan had accused LUNC holders of bullying exchanges into implementing the 1.2% tax burn on its platform.
LUNC has voted in the suicidal on-chain burn tax, which is their prerogative. But they're now running around demanding that exchanges forcibly steal a cut out of traders' transactions and throw it into the burn wallet to pump their token price. Selfish, silly and anti-blockchain. https://t.co/GbLh3ugkJL
— FatMan (@FatManTerra) September 16, 2022
With Binance implementing a burn mechanism on all LUNC spot and margin trading fees, FatMan, once again, took a swipe at LUNC enthusiasts, saying:
Binance deciding to burn millions of dollars out of their own pocket because of the unreasonable demands of an angry Twitter mob is a true exemplar of the raw, unbridled power that PR & social media hold
— FatMan (@FatManTerra) September 26, 2022
FatMan’s tweet has angered Terra classic investors, who have continued to put him on blast for hours.
@Emrezer75354268 writes: “What is your problem? What is your proposal to solve the supply problem? If you don’t have, don’t be part of problem.”
@khawajaAbubaka1 ask fatman: “Bruh U ever Happy?”