KuCoin Accepts 1.2% Terra Luna Classic (LUNC) Burn

Luna Terra Classic (LUNC) burn tax Kucoin

✍️ 8 September, 2022 - 15:42 👤 Editor: Jakub Motyka

KuCoin joins the still short, but growing, list of cryptocurrency exchanges that will accept the 1.2% tax for the Terra Luna Classic (LUNC) burn, following the steps of the MEXC exchange. As long as the proposal is finally approved by the community, that said.

KuCoin has announced on its official blog that the crypto exchange agrees to introduce the tax on its platform of 1.2% for the burning of Terra Luna Classic (LUNC), a functionality that will force the exchange to burn 1.2% of the trading fee of all operations carried out on the new LUNA crypto (LUNC).

KuCoin Accepts The Proposal To Burn Terra Luna Classic (LUNC) At 1.2% Tax

Once approved, the new 1.2% tax on the Moon burning (LUNC) will also be activated in KuCoin. This means that 1.2% of the trading fees of any operation with the Luna crypto will be burned in the LUNC cryptocurrency, which will help to decrease the available supply of the same.

In addition, to avoid the rise in the cost of depositing Luna (LUNC) in KuCoin that will directly affect users, the exchange recommends that its exchange clients make their deposits before September 12th.

If the proposal is not approved by the community, KuCoin will continue trading the Terra Luna Classic (LUNC) token as normal.

The 1.2% Burn Tax On Terra Luna Classic (LUNC) Depends On The Community

In any case, it will not be KuCoin that decides whether or not to activate this burning tax on the crypto LUNA. Instead, it will be its own community, the Terra Luna Classic community, which will have to approve the introduction of this tax from its governance system. KuCoin has simply communicated that it will accept it if the community so decides.

The vote is expected to start in the next few days, and if everything goes according to plan, the new LUNA burning tax could be active before the next 20th of September.

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