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Terra Classic transactions, KuCoin and Gate.io to support a 1.2 Percent tax burn.

08-Sep-2022 By: Rohit Tripathi
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The Terra Classic (LUNC) community's request for a 1.2% tax burn will be supported by cryptocurrency exchanges KuCoin and Gate.io. 

Taxes will be levied and burned for on-chain actions like LUNC and USTC transfers between wallets and smart contracts, in accordance with the 1.2% Tax Parameter Change proposal.

Following the fall of the Terra tokens, the price of Terra Classic (LUNC) has increased 37,000% as a result of recent proposals, staking, and burning.

Gate.io and KuCoin Back the 1.2% Tax Burn Proposal

On September 7, cryptocurrency exchange KuCoin made a formal announcement endorsing the 1.2% tax burn plan put out by the Terra Classic (LUNC) community.

Gate.io, a different cryptocurrency exchange, has declared support for the 1.2% tax burn idea. Up to this point, the 1.2% tax burn proposal has the endorsement of MEXC Global and CoinInn.

A 1.2% token burn fee is proposed to be imposed on all transactions. LUNC will become a deflationary coin as a result. On or before September 10, a vote on the proposal is scheduled. The 1.2% tax burn will go into effect on September 20 if TFL approves it. If TFL rejects the plan, Terra Rebels will provide an unofficial website, PC app, and mobile app to facilitate tax burn.

If the community decides not to accept the proposal, KuCoin services linked to LUNC and USTC won't alter. To avoid paying higher deposit fees, the crypto exchange advises users to deposit all Terra Classic tokens.

Gate.io thinks the tax burn proposal will help the LUNC neighbourhood. A significant price spike has resulted from the rise in LUNC burning. Additionally, the amount of transactions per day has increased by nearly $2 billion.

The LUNC community is currently requesting Binance's backing for the proposal. Recently, FTX and Binance announced that Terra Classic (LUNC) and TerraClassicUSD deposits and withdrawals would be halted (USTC).

Price of Terra Classic (LUNC) Explodes

Within a week, the price of Terra Classic (LUNC) increased by over 250%. In the midst of today's market-wide sell-off, the price corrected. The LUNC price has since increased by 25% from the previous low of $0.00033.

At this time, the price is $0.00042. In the near future, the community wants to reach $0.0005 and $0.10.


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