Bitcoin

KuCoin pledges support for Terra Classic 1.2% tax burn

KuCoin joined the list centralized exchanges that have pledged to support the Terra Luna Classic’s 1.2% tax reduction proposal. MEXC, CoinInn and Gate.io are other CEXes who have pledged to support the LUNC Tax Burn. MEXC is the first CEX to support the tax-burn . The tax burn proposal will tax all on-chain transactions between…

The tax burn proposal will tax all on-chain transactions between wallets, smart contracts and smart contracts involving USTC or LUNC tokens.

In an official Announcement , Kucoin stated:

“Dear KuCoin Users, KuCoin will support the 1.2% tax burn proposal of the Terra Classic (LUNC) community.”

According to the announcement, KuCoin fully supports the 1.2% tax reduction once it has been officially approved and implemented.

LUNC price surging

Recent proposals and the introduction of LUNC burning and staking have pushed the price of the LUNC token up by more than 37,000% since its lows after the TerraUSD (UST) crash.

The implementation of the 1.2% tax burn is expected to add more impetus to the momentum and hopefully help drive the price of LUNC above $0.0005. The proposal states that the tax burn will make LUNC a more deflationary coin.

A vote regarding the tax burn proposal will be held no later than September 10. Implementation is scheduled to start on September 20, if the proposal gets adopted by the majority of the community.

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