- Terra Luna Classic burn tax initiative receives support from KuCoin.
- Binance expressed support for Terra Classic’s L1 parity upgrade.
- LUNC inked 2.3% in the last seven days, still trades below key support.
The third largest global crypto exchange KuCoin announced support for Terra Classic’s recently passed #11515 proposal. According to the new economic policy, the already existing tax burn will be replaced by a 0.5% tax burn at the block height of 12,902,399.
The new order on KuCoin will kick in as soon as today. This comes just a day after Binance, another popular crypto exchange, declared support for Terra Classic’s recent major network upgrade, which brought the Terra Classic blockchain to parity with LUNA 2.0 and other blockchains powered by the Cosmos protocol.
LUNC Burn Tax to Cut Supply in Half?
Previously, the burn tax was at just 0.2%, increasing by 150%. Crypto enthusiasts on Twitter are wondering how much impact will the new rule have – it’s supposed to kick in on May 23rd, 2023. The advanced burning mechanism aims to dramatically cut the supply of the embattled altcoin.
In four days, the 0.5% tax burn will come into force to hasten the Terra Luna Classic (LUNC) burning mechanism, which also plays a key role in the USTC repeg plan. More $LUNC tokens burned would also mean growing space for the USTC staking vault proposed by Redline Drifter.
Furthermore, the increased burn tax comes when the LUNC community puts extra effort into a revival with an upcoming RPG, AI app chain, and an all-time high in staking. With over $1bn LUNC tokens staked, it’s evident that the community is still going strong even a year after the worst fiasco crypto has ever seen.
On the Flipside
- According to Crypto Twitter, KuCoin’s addresses are not whitelisted on the burn tax like Binance’s.
- Terra validators agree to whitelist the addresses only once KuCoin begins burning LUNC.
Why This Matters
Terra Classic’s technical upgrades can improve compatibility with other blockchains and increase the chances of revitalization.
Explore today’s top crypto stories:
Sourced from dailycoin.com.
Written by on 2023-05-19 16:00:00.