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HomeCrypto NewsMarketMEXC Global Resumes 1.2% Terra LUNA Classic (LUNC) Tax Burn On Spot...

MEXC Global Resumes 1.2% Terra LUNA Classic (LUNC) Tax Burn On Spot Trading

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MEXC once again throws its hat in the ring for the LUNC community.

In a tweet today, popular Terra Rebel, Vegas revealed that leading crypto exchange MEXC Global appears to have resumed the tax burn on spot trading activities, sharing an excerpt from their blog post indicating that they would share the transaction ID proof for burns made from today till October 1 as part of a weekly update system.

“So it seems that Mexc is once again supporting tax/burn on spot trading. Well played MEXC_Global,” tweeted Vegas.


It bears mentioning that MEXC Global was one of the first crypto exchanges to indicate support for the 1.2% LUNC tax burn proposal. The exchange launched a 2-week LUNC burn event for spot trading activity even before the community concluded voting on the proposal. MEXC burned over 466 million LUNC within the period.

The latest move by the exchange makes it the first major crypto exchange to pledge support for off-chain LUNC burns following the implementation of the on-chain tax parameter. It currently hosts a combined $7 million in LUNC trading volume in the last 24 hours, a little over 1% of the total LUNC trading volume across all exchanges.

The move comes on the heels of top crypto exchange Binance indicating interest to charge and burn the 1.2% tax from off-chain activities if certain conditions are met. Notably, Binance chief CZ proposed an opt-in system to allow users to choose to be charged the tax in a Twitter Ask Me Anything (AMA) session yesterday.

LUNC is currently trading at the $0.0002523 price point, down 8.51% in the last 24 hours. While the price has been on a steady decline recently, it may be for the best as it allows users to carry out transactions with greater LUNC volume, which allows for greater burning. Over 950 million LUNC has been burnt since the tax parameter change.

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Mark Brennan
Mark Brennan
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.

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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