cryptocurrency

Crypto.com announces support for LUNC with 1.2% tax

  • As a way to reduce supply, LUNC plans to use a tax-burning strategy.
  • The approved plan will go into effect at the block height of 9,475,200.

Perhaps the worst cryptocurrency crash ever occurred in May 2022, when the Terra-collapse LUNC crash occurred. Together with LUNC, Tera The value of the other original coin, USTC, the stable algorithm, almost reached zero in one week.

Before the disaster, this project was among the most successful, hitting an all-time high of $119.18 in April. But this meteoric rise paved the way for a spectacular fall. Investors and consumers alike panicked as the death spiral continues.

1.2% tax burning strategy

The Terra community recently voted in favor of a proposal that would add a 1.2% tax credit to all on-chain transactions in an effort to revitalize LUNC.

As a way to reduce supply, LUNC plans to use a tax-burning strategy. One can count on this strategy to hold out until ten billion LUNC has been traded. At this point, the system will shut down, and the total supply will remain at 10 billion.

On September 20, 2022, or at block elevation of 9,475,200 at the Terra Classic, the approved plan will go into effect. However, due to changing ban periods, the proposed launch time may be delayed or advanced. When the tax burn is done, Crypto.com will not be able to process deposits or withdrawals.

Crypto.com Deposits and withdrawals are temporarily blocked until the network upgrade is complete to ensure a smooth tax-burning rollout. Once the exchange determines that the network is stable after the update, it will reopen deposits and withdrawals.

Moreover, Binance CEO Changpeng Zhao (CZ) said that the LUNC blockchain needs to implement the incineration strategy. Since the LUNC developers have successfully started burning the 1.2% tax for all on-chain transactions. The LUNC community is now waiting for the world’s largest CZ response from the CEO of Cryptocurrency Binance in the world.

Terra Classic, constantly facing a red candle for the fourth day. according to CoinMarketCapLUNC traded at $0.000271 with a volume of $429,460,781. LUNC is down 4.37% over the past 24 hours. With a market capitalization of $1,664,041,144.

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