The Terra LUNA classic (LUNC) community recently passed proposal 5234 which aims to reduce the tax burn for on-chain transactions for the LUNC token and is meant to be stablecoin USTC on Terra classic network. The Tax burn will be decreased from 1.2% to 0.2%.
Binance, the world’s largest crypto exchange became one of the first platforms to implement this LUNC tax burn proposal. However, now other exchanges are following Binance’s lead.
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USTC Weekly Gains Possible?
Compared to the TerraClassicUSD (USTC) price one week ago, it is currently down around 25%. Will USTC make any weekly gains before closing the week remains to be seen.
USTC Trading Vol Skyrockets By 240%
Since the major announcement, TerraClassicUSD’s (USTC) 24 hour trading volume has surged by over 240% to stand at $117 million. USTC is trading at an average price of $0.03854, at the press time.
Terra Classic (LUNC) Prices Surges
Terra Classic prices have surged marginally over the past 24 hours. It is trading at an average price of $0.00025, at the press time. The token is still holding a market cap of $1.64 billion.
Crypto.com To Accept LUNC Tax Burn
Crypto.com has become another major crypto exchange to support the Tax Burn for LUNC on Terra Classic (LUNC) Network. It mentioned that the change took effect at epoch 98, or yesterday 19 October 2022, 12:50 UTC.
KuCoin Announces Its Support To LUNC Reduced Tax Rate
KuCoin declared that the crypto exchange platform will support the 0.2% tax burn of Terra Classic (LUNC) and Terra Classic USD (USTC) tokens. It mentioned that since the approval of tax burn deduction of (the LUNC) network from 1.2% to 0.2%, the Terra Classic block height was recorded to be 9,878,400.
OKX To Support LUNC and USTC Reduced Tax Rate
OKX, a Seychelles-based cryptocurrency exchange announced that it will support the reduced tax rate. It mentioned that the transfer tax will be reduced to 0.2% on the platform. The users will be able to receive more LUNC on their transfers.
LUNC Community Passes Proposal 5234
The LUNC community has passed Proposal 5234, which will reduce the tax burn for on-chain transactions of LUNC and USTC on Terra Classic network from 1.2% to 0.2%. Binance will reduce the 1.2% consolidation fee for all LUNC and USTC deposits to 0.2%.
