The Terra LUNA classic (LUNC) community agreed over the 5234 proposals to reduce the tax burn for on-chain transactions for the LUNC and USTC. The tax is now decreased from 1.2% to 0.2%.
Many major crypto exchanges came together to implement this approved LUNC tax burn. A huge spike in the 24 hour trading volume of USTC was registered after this major decision taken by the Terra LUNC community.
Terra LUNC News Live
24 Hour Gains
At $0.0002374, Terra Classic (LUNC) is struggling to make gains over 24 hour period. At the current level, LUNC is 1.33% over the last 24 hours.
% Of LUNC Burned So Far
So far, around 0.32% of the total supply has been burned so far. After the reduction in tax burn for on-chain transactions, there has been a steady rise in LUNC burning in recent days.
LUNC On-Chain Trnx Vol Doubles
As per the data, the 0.2 LUNC burn tax change has already impacted the token’s trading volume. LUNC volume on-chain jumped by 2 times on Day 1.
USTC Trading Vol Surges
TerraClassicUSD (USTC) 24 hour trading volume on Thursday surged by a whopping 240%. It went on to touch the $117 million mark. The spike was registered after major crypto exchanges announced that they support the tax burn.
Major Crypto Exchange Agrees To Implement LUNC Burn
Following the lead of Binance, major exchanges like OKX, KuCoin and crypto.com decided to implement the approved proposal 5234. The transfer tax will be reduced to 0.2% on the platforms.
