Terra Luna Classic (LUNC) Tax Burn Is Live

Luna LUNC burn tax

✍️ 3 October, 2022 - 16:16 👤 Editor: Jakub Motyka

The new 1.2% tax for Terra Luna Classic (LUNC) burn is now active. With the execution of the block 9.475.200, from now on all transactions carried out on the Terra Classic network will be subject to the burn tax.

The 1.2% tax for burning LUNC is a measure aimed at reducing the supply of the cryptocurrency of the new Terra Luna Classic project . With each transaction (deposit, withdrawal or crypto exchange) that is made with LUNC, the 1,2 % of the operation will be sent to the burning wallet of this cryptocurrency. Although not all cryptocurrency exchanges agree.

The Terra Luna Classic (LUNC) Burn Tax Will Apply A 1.2% Burn Fee To All Transactions

The Terra Luna Classic (LUNC) burn tax means that, on all transactions made through the Terra Classic network, a 1.2% of each movement will go to token burning. In other words, 1.2% of all operations will be destroyed in order to reduce the total supply of tokens of this cryptocurrency.

Block Terra Luna Classic LUNC Burn
As of block 9,475,200, the 1.2% burn tax on Terra Luna Classic (LUNC) is active.

The problem is that not all exchanges have approved this measure. Although almost all will apply the Terra Luna Classic burn tax on deposits and withdrawals of LUNC, giants such as Binance or Crypto.com have already said that they will not apply this tax to trading operations (ie, purchase/sale of tokens).

The Price Of Terra Luna Classic (LUNC) Reacts With The Activation Of The Burning Tax

The implementation of the 1.2% tax for the burning of Terra Luna Classic has been welcomed with a slight rise in the price of the cryptocurrency LUNC. At the time of writing this news, its price is $0.0003041, which represents an increase of 6.06% compared to the $0.0002867 at which it had been trading as a price. minimum in the last 24 hours.

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