Bitrue, the Singapore-headquartered digital assets exchange that offers diverse crypto services, including token trading, borrowing, and staking among others, has joined many other cryptocurrency exchanges to support and implement the 1.2% LUNC tax burn proposal.
Per a recent update, Bitrue will activate the 1.2% tax burn on the Terra Classic (LUNC) network from September 20, 2022, at a block height of 9,475,200. More so, this tax implementation will cut across all Terra Classic-linked tokens including Terra Classic USD (USTC), ANC, C2X, MINE, ORION, and STT.
Before the 1.2% LUNC tax burn activation, the exchange noted that it will carry out a wallet upgrade on September 19, during which deposits and withdrawals of LUNC will be temporarily halted.
Bitrue LUNC Token Burn
The activation of the 1.2% tax burn proposal from the Terra Classic community by Bitrue entails that deposits and withdrawals of LUNC and all other tokens via the Terra Classic network will be levied.
Part of the announcement said,
“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.
“Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Bitrue and the 1.2% tax deduction by the network.”
Support For Terra Classic Surges
In recent outcomes, there has been growing support for the embattled crypto token, LUNC, and its burn proposal rolled out by the community behind the project. This tax burn initiative emerges as the community gears towards a comeback from the May collapse.
So far, top exchanges like KuCoin, Huobi, and MEXC have supported the tax burn on all LUNC transactions on their respective platforms. While Binance, the largest exchange by 24 hours trading volume is still considering the full support of the LUNC burn implementation. The top exchange recently launched a USDT trading pair for the Terra Classic native token.
Likewise, Crypto.com added two new trading pairs for LUNC – USDT and BUSD – while Terra Classic (LUNC) recently earned its first listing on a decentralized exchange, SaitaPro.