Binance Clears Stance On Terra Classic, AC Milan FC Launches NFT Game, Shiba Eternity Game Launch Soon
There have been several developments in the crypto space over the past few days. Here’re a few key developments.
There have been several developments in the crypto world over the past few days, including the announcement of a new Web 3.0 gaming console by Zilliqa, a new non-fungible token (NFT)-based game by Italian soccer club AC Milan, and Binance’s clarification in the Luna tax burn proposal.
Binance Gives Clarity On Terra Classic’s Tax Burn Protocol
About a week ago, Binance stated in a Tweet that trading in centralised exchanges mostly takes place off-chain so the tax burn protocol that applies to on-chain activities will automatically be applied by the time Binance gets these tokens. Hence, to clear any ambiguity, Binance has published a blog post detailing how exactly this new protocol in Terra Classic will be implemented. The process is divided into three steps.
- The first step includes Binance implementing an opt-in button for people to convey their decision (opt-in or opt-out) regarding whether they want to pay the 1.2 per cent tax for LUNC trading.
- The second step includes Binance checking the holding percentage of those who opted in for the 1.2 per cent LUNC trading tax. If the total holdings of people who opted-in reach 25 per cent of all LUNC held on Binance, they will start charging them 1.2 per cent tax. Binance also clarified that by opting in to charge tax doesn’t mean that it will be acceptable because they must also satisfy the 25 per cent quorum clause.
- The third and the last step is when the opt-in people’s holdings reach 50 per cent of all LUNC trading volume in Binance, the 1.2 per cent trading tax will be implemented for all users regardless of their opt-out stance. Binance said this prevents large LUNC whales who may hold large amounts, but do not actively trade to influence votes.