Thursday, September 29, 2022
HomeCrypto NewsMarketOver 70M Terra Classic (LUNC) Burnt Following 1.2% Burn Implementation By Binance...

Over 70M Terra Classic (LUNC) Burnt Following 1.2% Burn Implementation By Binance And Kucoin, 100M In 24 Hours

- Advertisement -
Follow-Us-On-Google-News

 

KuCoin and Binance give Terra LUNA Classic (LUNC) tax burn a big boost.



The implementation of the LUNC tax parameter change by KuCoin and Binance has given a big boost to the 1.2% tax burn initiative as the number of tokens burned surged in the aftermath of the implementation of the tax to deposits and withdrawals by these exchanges.

Notably, these exchanges have burnt over 70 million LUNC tokens after implementing the tax parameter change. It bears mentioning that most of this volume likely came from the KuCoin implementation, as Binance only recently implemented the change. The figure above compares to just 18 million tokens burnt in the 13 hours before.

Highlighting that Binance has implemented the tax parameter change, WhaleClubs, a LUNC influencer account, shared a screenshot that suggests possible congestion on the exchange as investors are looking to withdraw large volumes of LUNC tokens. Consequently, it will not be surprising to see another huge surge in the number of burnt tokens.

 

It is worth noting that after weeks of anticipation, the Terra Classic 1.2% tax parameter change went live yesterday. For the uninitiated, the tax parameter change will collect a 1.2% tax for all on-chain transactions. Notably, this tax is sent to the Terra burn wallet to reduce the excess supply of LUNC tokens and raise their value.

So far, over 100 million LUNC tokens have been burnt in the last 24 hours. The community aims to reduce the LUNC supply to 10 billion from a whopping 6.9 trillion.

80M LUNC were burnt on Sep 21 and 23M today so far since tax burn went live.

100M Terra classic LUNC burnt since 1.2 burn launch
100M Terra classic LUNC burnt since 1.2 burn launch

As reported by The Crypto Basic, if the weekly volume of LUNC remains around 1 trillion, then by applying the 1.2% burn tax, 14 billion LUNC can be burnt every week, 60 billion every month, and 720 billion yearly.

The community is also trying to lobby exchanges to apply the tax to off-chain activities. As earlier reported by The Crypto Basic, the community has even launched a proposal in this regard. Notably, Binance is at the top of the list for the LUNC community as it hosts the largest volume in terms of LUNC trading activity. Therefore, the community hopes to bring it up in a live AMA scheduled for today that will feature representatives from the exchange and LUNC developers, leveraging on a promise of support from Binance chief Changpeng Zhao.

LUNC is trading at the $0.0002835 price point, 1.77% lower in the last 24 hours.

- Advertisement -
Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

spot_img