KuCoin Offers Support to Terra Classic 1.2% Tax Burn

Kucoin Offers Support to Terra Classic 1.2% Tax Burn
  • Gate.io has also declared its approval of the 1.2% tax burn.
  • In this proposal, a token burn fee of 1.2% is proposed to be applied to all trades.

KuCoin and Gate.io, two prominent cryptocurrency trading platforms, have announced their support for the 1.2% tax burn plan put up by the Terra Classic (LUNC) community. The proposed 1.2% Fee Parameter Change will include a tax on all on-chain transactions between wallets and smart contracts, including LUNC and USTC.

Because of recent proposals, staking, and burning, the price of Terra Classic (LUNC) has increased by almost 37,000% from its low point after the collapse of Terra tokens. In a press release published on September 7th, KuCoin, a cryptocurrency exchange, stated its approval of the 1.2% tax burn proposal made by the Terra Classic (LUNC) community.

Deflationary Coin

Gate.io, another cryptocurrency exchange, has also declared its approval of the 1.2% tax burn plan. Previously, the 1.2% tax burn plan received the backing of MEXC Global and CoinInn.

In this proposal, a token burn fee of 1.2% is proposed to be applied to all trades. Because of this, LUNC will become a deflationary coin. A vote on the plan is scheduled for no later than September 10. With TFL’s approval, the 1.2% tax burn would begin on September 20.

If the community does not vote to accept the proposal, KuCoin will not make any changes to its LUNC or USTC services. In order to avoid paying higher deposit fees, the cryptocurrency exchange suggests customers deposit all of their Terra Classic tokens at once.

Gate.io thinks the LUNC community may profit from the tax burn idea. Since people started using LUNC more, the price has risen dramatically. In addition, the daily number of transactions has increased to almost $2 billion.

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