Despite the massive sell-off of Terra tokens in the ecosystem, LUNC has been able to rally with the cryptocurrency market and favor the upside.
While the plan continues to revive the chain and attract investors again, the latest increase of more than 100% in the past week after being confirmed by a lack of taxes.
- At the time of writing, LUNC is trading at $0.00056, posting a daily gain of nearly 55%.
- Under the new 1.2% tax parameter change proposal, on-chain activities including LUNC and USTC transfers between wallets and smart contracts will be taxed and burned.
- The proposal mainly aims to apply a token burn tax of 1.2% to all transactions in an effort to turn LUNC into a deflation asset.
- If approved by Terraform Labs (TFL), the 1.2% tax rebate will take effect by September 20.
- On the other hand, if the proposal does not see the light of day, the new developer team for the ecosystem – Terra Rebels – will introduce an unofficial website, desktop app, and mobile app to facilitate tax cuts.
- In its latest announcement, KuCoin stated that its LUNC and USTC-related services will remain unaffected if the community chooses not to agree to the proposal.
- The Seychelles-based cryptocurrency exchange is suggesting that users deposit all Terra Classic tokens to avoid increasing deposit fee costs.
KuCoin will support a 1.2% tax deduction once the proposal is formally approved and implemented on the Terra Classic mainnet (LUNC). Services on KuCoin will remain unchanged if the proposal is not approved by the community.”
- Other cryptocurrency exchanges such as Gatei.io, MEXC Global, and CoinInn have also appeared to support the upgrade of the new network.
Post Terra Luna Classic (LUNC) is up 100% weekly as KuCoin and Gate Io Extend Tax Burn Support debut on CryptoPotato.