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Crypto exchanges Huobi Global and BTCEX on Friday announced support for the 1.2% tax burn proposal for Terra Classic (LUNC) and TerraClassicUSD (USTC). The support for the proposal seems to be increasing as crypto exchanges such as Binance backs the Terra community.
Huobi and BTCEX To Support the 1.2% Tax Burn Proposal
Crypto exchange Huobi, in an official announcement on September 9, said it will support the 1.2% tax burn proposal for Terra Classic (LUNC) and USTC. The withdrawal and deposit changes for Terra tokens will be announced in another announcement.
However, the 1.2% tax will apply only to on-chain activities. Spot trading and relevant trading of LUNC, USTC, ANC, and CTXC2X on the Terra Classic network remains unaffected by the tax burn.
Meanwhile, crypto exchange BTCEX has followed Binance to announce similar changes. The exchange will support the 1.2% tax burn for LUNC and USTC tokens on the Terra Classic network. BTCEX will review and modify the minimum withdrawal amount, maximum withdrawal amount, and withdrawal fees for the tokens.
Terra Classic network will deduct the 1.2% tax during deposits and withdrawals of Terra Classic (LUNC) and USTC tokens. Moreover, spot and perpetual trading are subject to the 1.2% tax burn.
Thus, crypto exchanges are supporting the proposal for only on-chain activities. While, the community seeks support on tax burn for LUNC and USTC selling and buying. Some believe Binance and other exchanges will support tax burn for off-chain activities after the proposal is passed.
The proposal “1.2% Tax Parameter Change” is live for voting. If the proposal is passed, it will be implemented on September 13. Interestingly, the community will force the proposed changes unofficially on September 20 if TFL does not approve the change.
Terra Classic (LUNC) Price Soars 100% in a Week
Terra Classic (LUNC) price has soared over 100% in a week, backed by massive trading volumes. The daily trading volume has jumped over $3.5 billion and LUNC ranks 26th on the CoinMarketCap. Until now, over 550 billion and 3.6 billion LUNC tokens have now staked and burned.
In the last 24 hours, the Terra Classic price is trading near the $0.0005 level, after some profit booking by traders. However, the community aims for a short-term target of $0.01 after successfully hitting the $0.0005 target in just a week.
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