Crypto exchanges KuCoin and Gate.io will support the 1.2% tax burn proposal of the Terra Classic (LUNC) community. According to the 1.2% Tax Parameter Change proposal, taxes will be charged and burned for on-chain activities such as LUNC and USTC transfers between wallets and smart contracts.
The recent proposals, staking, and burning led Terra Classic (LUNC) price to skyrocket 37,000% since its bottom after the Terra tokens collapsed.
KuCoin and Gate.io Support the 1.2% Tax Burn Proposal
Crypto exchange KuCoin, in an official announcement on September 7, expressed support for the 1.2% tax burn proposal of the Terra Classic (LUNC) community.
Another crypto exchange Gate.io has also announced support for the 1.2% tax burn proposal. Until now, MEXC Global and CoinInn had expressed support for the 1.2% tax burn proposal.
The proposal seeks to implement a 1.2% token burn tax on all transactions. It will make LUNC a deflationary cryptocurrency. The proposal is set for a vote on or before September 10. If passed by TFL, the 1.2% tax burn will be activated by September 20. Terra Rebels will offer an unofficial website, desktop app, and mobile app to enable tax burn if TFL declines the proposal.
KuCoin services related to LUNC and USTC will remain unchanged if the community chooses to not approve the proposal. The crypto exchange recommends users to deposit all Terra Classic tokens to avoid increased deposit fee costs.
Gate.io believes the tax burn proposal can benefit the LUNC community. The increase in LUNC burning has led to a massive price rally. Moreover, the daily transaction volume has jumped over $2 billion.
Meanwhile, the LUNC community currently seeks support from Binance on the proposal. FTX and Binance have recently announced suspending deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC).
Terra Classic (LUNC) Price Skyrockets
Terra Classic (LUNC) price has jumped nearly 250% in a week. The price corrected today amid the market-wide sell-off. However, the LUNC price has now rebounded 25% from the lower level of $0.00033.
The price is currently trading at $0.00042. The community aims to hit $0.0005 and $0.10 in the short term.
- KuCoin and Gate.io To Support 1.2% Tax Burn On Terra Classic (LUNC) Transactions
- This Can Be Major Reason Behind Bitcoin Price Fall
- Staked Ether (stETH)/ETH Peg Deviates Further, Risks Another Crypto Market Crash?
- Ethereum Plummets Despite Merge, What Has Gone Wrong?
- Breaking: 2nd-Largest Mining Pool Terminates ETH Mining, Favors Ethereum Classic (ETC)
- Breaking: Bitcoin Expert Fears Extreme Lows, Here’s Why
- Not SEC, But U.S. CFTC Likely to Be the Lead Regulator for Cryptocurrencies
- Bitcoin Drops Close to Its June 2022-Low, Major Liquidations Take Place
- Bitcoin, Ethereum, Cardano Plummet, Why Is Crypto Crashing Today
- $LUNC Is A Lottery Ticket With No Utility, Founder Of Gokhshtein Media Says
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.