A few days after announcing support for the 1.2% LUNC tax burn on the Terra Classic network, leading to the suspension of Terra Classic (LUNC) and TerraClassicUSD (USTC) deposits and withdrawals since September 21, Bitrue has now completed its scheduled update and is set to carry out the LUNC and USTC tax burn.
Bitrue is now among the early exchanges to implement the 1.2% tax on deposits and withdrawals on its crypto marketplace. Meanwhile, the exchange is yet to implement the burn mechanism on LUNC spot and margin trades as needed by the Terra Classic community.
According to Bitrue, it has completed the tax burn update of Terra Classic (LUNC) and Terra Classic USD (USTC). The exchange which suspended deposits and withdrawals for Terra Classic Network wrote that the service is back online now.
Part of the announcement read;
“Deposits: Transactions will be taxed by the Terra Classic (LUNC) network before it reaches Bitrue. The balance will be credited to your Bitrue account after the 1.2% tax deduction by the network and 1.2% consolidation fee.
Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Bitrue and the 1.2% tax deduction by the network.”
The teeming LUNC community hopes that the exchange which has a good level of user count will extend the tax to cover other trading activities.
With many exchanges like Binance implementing the LUNC tax burn movement, the community-led project is sure of drastically reducing its circulation.
Bitrue Launches Terra Classic (LUNC) Staking
Aside from implementing 1.2% Terra Classic (LUNC) tax burn, Bitrue exchange has also launched LUNC staking. This was announced by the exchange via a tweet on the 27th of September.
According to the report, LUNC stakers can earn up to 4% APY on the trading platform.
Bitrue announced, “Earn up to 4% APY with LUNC staking at Bitrue!”
Earn up to 4% APY with #LUNC staking at Bitrue!
— Bitrue (@BitrueOfficial) September 27, 2022