The Terra LUNA classic (LUNC) community recently adopted proposal 5234 that aims to reduce the tax burden for on-chain transactions for the LUNC token and is intended as a stablecoin USTC on the Terra classic network. The Tax burn is reduced from 1.2% to 0.2%.
Binance, the world’s largest crypto exchange, became one of the first platforms to implement this LUNC tax-burning proposal. Now, however, other exchanges are following Binance’s lead.
Crypto.com Accepts LUNC Tax Burn
Crypto.com has become another major crypto exchange supporting the Tax Burn for LUNC on Terra Classic (LUNC) Network. It mentioned that the change went into effect in Era 98, or yesterday October 19, 2022, 12:50 UTC.
KuCoin Announces Its Support for LUNC Reduced Tax Rate
KuCoina stated 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 adoption of tax deductions from (the LUNC) network from 1.2% to 0.2%, the Terra Classic block height was registered as 9,878,400.
OKX supports LUNC and USTC reduced tax rate
OKX, a Seychelles-based cryptocurrency exchange, has announced that it will support the reduced tax rate. It was mentioned that the transfer tax on the platform will be reduced to 0.2%. Users will be able to receive more LUNC on their transfers.
LUNC Community passes proposal 5234
The LUNC community has adopted proposal 5234, which will reduce the tax burden for on-chain transactions of LUNC and USTC on the Terra Classic network from 1.2% to 0.2%. Binance cuts consolidation fees from 1.2% for all LUNC and USTC deposits to 0.2%.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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