Also Refuses To Burn Terra Luna Classic (LUNC) On Trading

Terra Luna Classic (LUNC) Burn

✍️ 20 September, 2022 - 18:49 👤 Editor: Jakub Motyka has joined Binance in its decision to waive the 1.2% burn tax on Terra Luna Classic (LUNC) for LUNC trading on your exchange. So they just announced it after the burning proposals of the Terra community have been officially approved.

Now that the governance proposals #3568 and #4159 have been approved by the community Terra, the cryptocurrency exchange has announced that it will not apply the 1.2% burn tax on trading operations on its platform. It will only do so in deposits and withdrawals of LUNC tokens. Rejects The 1.2% Tax For Terra Luna Classic (LUNC) Burning On Trading

Like Binance, will simply apply the 1.2% Terra Luna Classic (LUNC) burn tax to the deposits and withdrawals of this cryptocurrency. In this way, the deposit and withdrawal of LUNC in will be taxed with a 1.2% tax that will go directly to the burning of Terra Luna Classic.

Once the Terra Classic burn tax is active, operations with the LUNC crypto on will be subject to the following conditions:

  • On deposits, transactions over the Terra Classic network will be subject to the 1.2% burn tax before they reach In this way, the user will receive their transaction on after the 1.2% tax has been applied.
  • On withdrawals, the user will receive their money once the fees and the 1.2% tax for burning tokens have been subtracted.

Therefore, in there will be no such tax on the purchase/sale operations of LUNC in the trading market , which, after all, is the one that receives the largest movement of tokens in a cryptocurrency exchange. Few exchanges other than MEXC or Kucoin have said "yes" to the Tax Burn mechanism of Terra Luna Classic (LUNC).

Terra Luna Classic (LUNC) Price Reacts Negatively Following Announcement

In a difficult week for the new Terra project, with Do Kwon on the run, the price of Terra Luna Classic (LUNC) has seen punished again with the news of Its value at the time of writing this news has fallen to $0.0002907, -6.70% in the last 24 hours.

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Juan Pais

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