Crypto Community Condemns Exchanges Over PR Stunt On LUNC Tax Burn
Recently, Edward Kim, a Terra (LUNC) community member, gave a proposal that will help revive the digital asset. Kim proposed a 1.2% tax burn implementation for all the on-chain LUNC transactions. The collapse of the algorithmic stablecoin Terra and its ecosystem brought billions of dollars in losses. The entire crypto space was thrown into a […]
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KuCoin, Gate.io and MEXC Global were in the crosshairs of community members as they expressed their support for the upcoming on-chain LUNC transaction burn. As the upcoming Terra Classic (LUNC) burning mechanism gained more hype, some crypto exchanges thought it would be a good idea to express their support. However, the crypto community quickly responded, calling out the exchanges for what some believe to be public relations stunts. On Sept. 1, Terra community member Edward Kim submitted a proposal to implement a 1.2% tax burn for every on-chain LUNC transaction in an effort to revive the....
The Binance crypto exchange will burn all trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs. To support the Terra community’s efforts to revive the Terra (LUNA) — now renamed Terra Classic (LUNC) — token, crypto exchange Binance announced an off-chain burning mechanism last week. However, after receiving mixed reactions from community members, the exchange revised its burning approach. On Sept. 23, Binance CEO Changpeng Zhao wrote that the exchange will create an optional 1.2% tax when trading LUNC. Zhao added that they will roll out the 1.2% tax for all LUNC....
The mission to keep the value of Terra Classic (LUNC) has been undertaken by the entire community, and Binance has managed to always be at the forefront of this. The proposed 1.2% transaction fee burn was fully supported by the community, which caused the value of the digital asset to surge. Now, Binance has joined […]
According to the crypto exchange, the burn was the equivalent of 1,863,213.47 USDT — roughly 5.5 million LUNC. Cryptocurrency exchange Binance has announced it completed the first burn of Terra Classic tokens’ trading fees in response to a community proposal from September.In an Oct. 3 update, Binance CEO Changpeng Zhao said the exchange had burned roughly $1.8 million worth of Terra Classic (LUNC) — formerly Terra (LUNA) — trading fees for LUNC/BUSD and LUNC/USDT spot and margin trading pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether (USDT) — roughly....
LUNA Classic (LUNC) is still receiving a lot of support from investors and firms in the space despite having lost a significant portion of its value after the Terra network crash. LUNC’s supply ballooned during this time, reaching trillions of tokens in circulation. This increased supply continues to hinder the increase in price for the digital asset, prompting various burn initiatives to help reduce its supply. More Than 24 Billion LUNC Burned Since the LUNC burn was implemented a couple of months ago, it has ramped up to include burns from Binance, the largest crypto exchange in the....