MEXC Global Burns Over 155 Million Terra Luna Classic (LUNC) In 5 Days

MEXC Global LUNC burn event in support of the LUNC community is off to a great start.

According to data from its blog post, MEXC has burned about 155 million LUNC in trading fees in just four days of its two-week LUNC burn event in support of the 1.2% tax proposal from the community. 

Notably, over 100 million LUNC was burnt in the last two days.

It is worth noting that MEXC first revealed its plan to support the LUNC 1.2% tax proposal on transactions in a blog post on Saturday. MEXC implements the policy by adjusting the LUNC spot trading fee to 1.2% and using the obtained fee to buy back LUNC tokens which are then sent to the Terra-provided burn wallet. 

While MEXC has slated this event to run for two weeks alone, the exchange has expressed a willingness to continue the initiative for longer if the response from users of the exchange is positive.

Since MEXC announced its support for the proposal, other big-name crypto exchanges have also committed to supporting the LUNC community tax proposal. On Wednesday, The Crypto Basic reported that KuCoin and Gate.io had pledged support for the proposal should the community implement it. 

Notably, Gate.io says it will only be implemented in LUNC withdrawals, to the dismay of some users. Users noted that it is not what the community wants as they want the tax on all transactions, not just withdrawals.

This isn't done with out taxing buy/sell transactions. You aren't doing what the community wants. I am sorry but I am moving my funds from @gate_io . Aadios guys!

— Degen ? (@buzzearthling) September 7, 2022

It bears mentioning that the community is not pleased with the Binance support for LUNC tax Burn. Binance has not applied burn to off-chain transactions like trading; rather, the exchange announcement only supports on-chain transactions like deposits and withdrawals. Binance remains the platform with the largest LUNC transaction activities. As reported by The Crypto Basic on Tuesday, LUNC 24 hours trading volume on Binance peaked at over $1 billion.

For the uninitiated, the LUNC community 1.2% tax proposal is the latest burn initiative by the community to curb the excess supply of LUNC tokens following the Terra ecosystem collapse as community members envision a future where LUNC clinches the $1 price point. The community looks set to vote on the proposal come September 10, with implementation expected around September 20 if passed. 

Unsurprisingly, in the wake of these new developments, the price of the LUNC token has continued to surge. LUNC is trading at $0.0005197. Notably, after Coinmarketcap updated LUNC, the token is now among the top 30 cryptocurrencies by market cap, from 206, boasting a market cap of $3.2 billion, up 46.94%.