- Gate.io also announced its approval of the 1.2% tax burn.
- In this proposal, a token burning fee of 1.2% is proposed to be applied to all trades.
KuCoin And the GateNotable cryptocurrency exchanges have announced their support for the 1.2% tax-burning scheme put in place by the Terra Classic (LUNC) community. The proposed 1.2% fee parameter change would include taxation of all on-chain transactions between wallets and smart contracts, including LUNC and USTC.
Due to the recent offerings, hoarding, and burning, the price of Terra Classic (LUNC) is up nearly 37,000% from its lowest level after the Terra token crash. In a press release published on September 7, cryptocurrency exchange KuCoin said it has agreed to a 1.2% tax burn proposal submitted by the Terra Classic (LUNC) community.
Gate.io, another cryptocurrency exchange, also announced its approval of a 1.2% tax burn plan. Previously, the 1.2% tax-burning plan received support from MEXC Global and Queen In.
In this proposal, a token burning fee of 1.2% is proposed to be applied to all trades. Because of this, LUNC will become a deflationary currency. A vote on the plan is due no later than September 10. With TFL approval, the 1.2% tax burn will begin on September 20.
If the community does not vote to accept the proposal, KuCoin will not make any changes to the LUNC or USTC services. In order to avoid paying higher deposit fees, the cryptocurrency exchange is suggesting that customers deposit all of their Terra Classic tokens at once.
Gate.io thinks the LUNC community could benefit from the idea of tax burning. Since people started using LUNC more, the price has gone up dramatically. In addition, the number of daily transactions increased to nearly $2 billion.
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