Is Binance Planning to Support LUNC Burn? The Exchange Schedules Wallet Maintenance for Terra Classic Network.
Several cryptocurrency exchanges have recently announced they would support the upcoming Terra Luna Classic (LUNC) 1.2% tax burn as part of an effort to make Terra investors whole again.
As reported by TheCryptoBasic, MEXC Global, KuCoin, and Gate.io are among the world’s top exchanges that have announced they would implement the 1.2% tax burn for LUNC, once the proposal is implemented on Terra’s mainnet.
In an interesting development, it seems Binance is also considering implementing the 1.2% tax burn for LUNC. According to a blog post today by the world’s largest trading platform, Binance said it would be conducting wallet maintenance for Terra Classic Network’s LUNC. The maintenance will commence on September 8, 2022, at 06:00 (UTC) and will run for four hours.
“Binance will perform wallet maintenance for Terra Classic Network (LUNC) at 2022-09-08 06:00 (UTC). The maintenance will take about four hours,” Binance said.
During the planned maintenance, the exchange will halt deposits and withdrawals of LUNC tokens. However, trading would commence as usual.
1.2% Tax Burn Proposal for LUNC
It is noteworthy that the 1.2% tax burn proposal is seen by Terra investors as the only way to be fully compensated for the losses they suffered when the project’s stablecoin UST lost its peg to the dollar in May 2022.
The proposal requires a 1.2% tax to be implemented on all LUNC transactions. The coins obtained through the tax will be destroyed permanently from the token’s total supply, thus boosting the coin’s value and attracting new investors.
Recall that Binance CEO joined Terra investors in May, calling on the Terra team to Buy Back or burn part of LUNC’s supply to boost its value. However, these calls were ignored, as the Terra team chose a different approach entirely in its quest to compensate victims of the LUNC collapse.
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