Y-5 Crypto Exchange Pledges Support for Terra LUNA Classic Revival By Implementing 1.2% Tax Burns on All LUNC Transactions.
The U.K.-based exchange has declared support for joining LUNC investors in reviving the crypto asset.
United Kingdom-based cryptocurrency exchange Y-5 has announced that it will implement a tax burn of 1.2% on all Terra Luna Classic (LUNC) transactions conducted on its platform.
The move, according to the exchange, is to support the ongoing burn program of LUNC launched by investors of the crypto assets. According to a recent announcement, Y-5 will send all tokens obtained from the tax imposed on all LUNC transactions to an inferno wallet address created by the Terra community.
“Y5 Crypto has recognized the opportunity to assist one of the most demoralized communities in the industry by implementing a burning tax on LUNC transactions on their platform. Specifically, all transactions will be taxed at 1.2%, which will be wholly sent to the LUNC burn wallet weekly,” the exchange said in a statement.
Y-5 Crypto stated that the standard transaction fees will still apply alongside the 1.2% burns, adding that the exchange will not send the transaction fees to the LUNC burn wallet.
Y-5 Comes Through For LUNC Despite Terra’s Negligence
The cryptocurrency exchange noted that the initiative is imperative to bolster the value of LUNC, which has been on a massive rally lately.
Y-5 acknowledged that without implementing the 1.2% tax, LUNC has a slim chance of being revived from its devastating plunge in May.
Recall that after the collapse of Terra, the team behind the project abandoned the LUNC to relaunch the new token Terra (LUNA) as part of an effort to compensate investors. The community slammed the move, stating that they prefer the Terra team to burn part of the LUNC supply.
With TerraForm Labs unwilling to heed these calls, LUNC investors created an inferno address. Investors were urged to send some amount of LUNC at intervals to reduce the token’s total supply and possibly get the price flying again.
While over 3 billion LUNC have so far been incinerated, Terra investors still want more burns. A proposal was passed in June 2022 by investors to implement 1.2% burns on all LUNC transactions. However, the Terra team has yet to implement the burns, with investors left to carry on with the burn program.
LUNC Price Surges Amid Community Burns
It is noteworthy that LUNC burns have contributed positively to the asset’s price in the past weeks. According to data from Coingecko, LUNC is up 102.9% in the past seven days and 188.4% in the past 14 days, respectively.
LUNC is changing hands at around $0.00027039, which is nothing compared to its all-time high of $119.18.
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