Wednesday, November 30, 2022
HomeCrypto NewsMarketOKX Implements Terra Classic Tax Burn, As Half A Billion LUNC Burnt...

OKX Implements Terra Classic Tax Burn, As Half A Billion LUNC Burnt With 1.2% Burn Proposal

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More exchanges jump on the bandwagon.

Leading crypto exchange OKX has implemented the 1.2% tax burn on deposits and withdrawals. 

It comes nearly a week after it said in a blog post that it would support the tax parameter change and two days after it went live on the network. The exchange currently hosts over $20 million in 24-hour LUNC volume.

While the lack of implementation of the burn on spot and margin trading activities may disappoint many, it is still positive news for the network as the more opportunities to burn there are, the better. Notably, the community plans to reduce the LUNC supply to 10 billion from a current total of about 6.9 trillion.

It bears mentioning that Binance has suspended LUNC deposits and withdrawals till September 26. While the reason for this is unclear, it may be to deal with the high volume it is currently facing. Notably, Binance chief Changpeng Zhao is currently hosting an Ask Me Anything (AMA) session on Twitter. So it will be unsurprising to see the crypto executive face many questions about LUNC and his promise to help the community on its path to recovery.

So far, over 540 million LUNC has been burnt since launching of the 1.2% Burn Tax, with the greatest volume coming yesterday with about 380 million.

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Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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