Monday, December 5, 2022
HomeCrypto NewsMarketThis Exchange To Support Terra Classic 1.2% Burn on LUNC Trading

This Exchange To Support Terra Classic 1.2% Burn on LUNC Trading

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CetoEX will list LUNC and implement the 1.2% tax burn on trading.


Terra Luna Classic burns are set to skyrocket as another cryptocurrency exchange has announced that it will be listing LUNC on its trading platform. 

CetoEX Global Services Crypto noted in a recent announcement that it would list LUNC on its platform on October 10, 2022, at midnight UTC. 

“Thrilled to announce Terra Classic (LUNC) listing soon on @Cetoex,” the exchange said in a tweet. 

The exchange will also implement the 1.2% tax burn mechanism on LUNC trading and on-chain and off-chain transactions.

“Terra Classic (LUNC) Burn Mechanism on Trading on-chain and off-chain burn,” the cryptocurrency exchange noted. 

CetoEX is a centralized cryptocurrency exchange allowing users to buy and sell over 20 cryptocurrencies, including Bitcoin and Ethereum. The exchange features a mobile app. 24/7 customer service, among others.

LUNC Investors React

The announcement brought joy to many LUNC investors, who believe the move will help accelerate the ongoing burn of the cryptocurrency’s total supply. 

@momoshi_san Said: “Let’s gooooo Cetoex Welcome to family.”

Some LUNC investors used the opportunity to slam other cryptocurrency exchanges that were not meeting the community’s expectations.

@bigmoney_for writes:Thank you for supporting the community, its baffling how you guys are doing better work than Kucoin and Coinbase.”

Other Exchanges Contributions to LUNC Burn

While exchanges like Binance and MEXC Global have already supported the 1.2% tax burn, not many cryptocurrency trading platforms are willing to implement the proposal on LUNC trading. These crypto exchanges have only implemented the 1.2% tax burn on LUNC deposits and withdrawals. 

As reported by TheCryptoBasic, Binance has implemented a burn mechanism that will collect fees on all LUNC spot and margin trading pairs. The world’s largest exchange kept its promise and recently incinerated 5.5 billion LUNC in one single transaction.

The number of LUNC burns has continued to spike daily, with investors confident that the efforts will help revive the value of the cryptocurrency. At press time, LUNC is changing hands at $0.00029463 and is down 4.8% over the past 24 hours.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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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