Wednesday, February 1, 2023
HomeCrypto NewsMore Than 70M Terra Classic (LUNC) Burnt After 1.2% Burn Implementation by...

More Than 70M Terra Classic (LUNC) Burnt After 1.2% Burn Implementation by Kucoin And Binance, 100M In 24 Hours

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The 1.2% tax burn initiative has benefited greatly from KuCoin and Binance‘s implementation of the LUNC tax parameter modification, as the number of tokens burned increased due to these exchanges’ application of the tax on deposits and withdrawals.

However, following the implementation of the tax parameter changes, these exchanges have burned almost 70 million LUNC tokens. Given that Binance very recently made the transition, it is important to note that most of this volume likely originated from the KuCoin implementation. In contrast to the number above, just 18 million tokens were burned in the preceding 13 hours.

A screenshot published by WhaleClubs, a LUNC influencer account, highlights that Binance has executed the tax parameter modification, indicating that there may be exchange congestion due to investors trying to withdraw significant amounts of LUNC tokens. As a result, it won’t be shocking to see the number of burned tokens increase remarkably once more.

Related article: New Proposal Introduced For Exchanges By Terra Classic (LUNC) As They implement Burns On Trading

The Effect Of Parameter Change

It is noteworthy that yesterday saw the launch of the Terra Classic 1.2% tax parameter update following weeks of expectation. Uninitiated parties should know that the tax parameter change would add a 1.2% tax to all on-chain transactions. To limit the excess supply of LUNC tokens and increase their value, it is significant that this tax is transferred to the Terra burn wallet.

In the past 24 hours, almost 100 million LUNC tokens have already been burned. The society wants to decrease the enormous 6.9 trillion LUNC supply to just 10 billion.

Since the start of the tax burn, 80M LUNC have been burned, and 23M have been burned today already.

According to fxcryptonews, the 1.2% burn tax can burn 14 billion LUNC per week, 60 billion every month, and 720 billion years if the weekly volume of LUNC stays around 1 trillion.

The community is also making an effort to influence exchanges to tax off-chain operations. Because it hosts the most LUNC trading activity, it is noteworthy that Binance is at the top of the list for the LUNC community. Utilizing a promise of support from Binance CEO Changpeng Zhao, the community intends to bring it up in a live AMA set for today that will feature representatives from the exchange and LUNC devs.

LUNC is trading at the $0.0002858 price point, 1.02% lower in the last 24 hours.

Related also: Terra Rebels Says It’s Now Up To Them To Make It Work, As Terra Classic (LUNC) 1.2% Burn Proposal Passed With 99% Votes

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