Claim BonusBreaking: Binance CEO Supports Terra Classic Raising LUNC Burn Tax To 0.5%
The world’s largest crypto exchange Binance on Tuesday said it will support the Terra Classic network upgrade to increase the LUNC burn tax from 0.2% to 0.5% as per Proposal 11515 passed by the community.
This means Binance CEO Changpeng “CZ” Zhao agrees to raise the burn tax as LUNC price continues to dwindle with low LUNC burn rates in recent months.
Binance to Support Terra Classic Increasing Burn Tax to 0.5%
According to an official announcement on May 23, Binance will support Terra Classic upgrade burn tax to 0.5%. The Terra Classic network upgrade will happen at block height 12902400, expected today at 22:00 UTC. The current data suggest the upgrade will happen before the expected time.
Binance will suspend LUNC and USTC deposits and withdrawals through the Terra Classic (LUNC) network at 21:30 UTC. The trading activity will not get impacted during the network upgrade and users can continue to trade LUNC and USTC.
The crypto exchange will open deposits and withdrawals once the Terra Classic network stabilizes after the upgrade. Other crypto exchanges such as KuCoin have also supported Terra Classic to increase the burn tax to 0.5%.
Also Read: US Fed Officials Favor To Hike Rates Over 6%, Is Bitcoin Crash Imminent?
LUNC Price To Recover Back to $0.0005?
The Terra Classic community agreed to raise the burn tax as LUNC price and burn rate continued to dwindle since the burn tax was reduced to 0.2% last year. CoinGape Media reported earlier why Binance will completely agree with raising the burn tax.
The 0.5% proposal is part of four different proposals to increase burn tax, staking rewards, whitelisting Dapps contracts, and increasing community pool funding.
LUNC price currently trades at $0.000089, up 3% in the last 24 hours as Terra Classic undergoes several crucial upgrades. The 24-hour low and high are $0.000086 and $0.000090, respectively.
Also Read: Terra Classic Announces Official Date Of Parity Upgrade, LUNC To $1
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BlackRock Moves $294M in BTC, ETH to Coinbase as $2.2B in Crypto Options Expire Today
- UK Crypto Firms Face New Licensing Rules as FCA Sets 2026 Application Window
- Changelly Review 2026: Scam or Legit Crypto Exchange?
- Uniswap Review – Is it Safe to Use in 2026?
- Just In: Grayscale Files Delaware Registration for BNB and Hyperliquid ETFs
- Dogecoin Price Eyes $0.20+ Following Massive 218M DOGE Whale Buying Spree
- How CLARITY Act Could Impact Bitcoin, Ethereum, and Dogecoin Prices?
- Tesla Stock Price Prediction for Jan 2026 Ahead of Q4 Earnings Report
- Ethereum Price Eyes a 30% Surge as Vitalik Buterin Names it the ‘World’s Heartbeat’
- XRP Price Prediction After Spot XRP ETFs Record the First Outflow in 36 Days?
- XRP vs Solana Price: Which Could Outperform in January 2026?
