Binance, the world’s largest crypto exchange by trading volume, has announced its support for the Terra Classic community on its upcoming upgrade that promises to boost the LUNC burn tax from 0.2% to 0.5%, which is expected to aid the embattled token on its journey to reclaim $1 price spot.
Binance made this known a few hours ago on its official website. According to the report, the much anticipated Terra Classic (LUNC) network upgrade will take place at the block height of 12,902,400 or approximately at 22:00 (UTC) on the 23rd of May 2023.
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The report states further that deposits and withdrawals for LUNC and USTC via the Terra Classic (LUNC) network will be suspended starting from 21:30 (UTC) on the 23rd of May.
In the same report, the leading exchange also showed its support for a similar upgrade taking place on Fetch.ai (FET) network.
KuCoin Among First Exchanges to Support the Terra Classic Network Upgrade
KuCoin, a top crypto exchange, had earlier announced the Terra Classic network upgrade slated for today.
In an announcement on the 18th of May, KuCoin wrote, “KuCoin Will Support to Increase the Tax Burn of Terra Classic (LUNC) Network from 0.2% to 0.5%.”
#KuCoin Will Support to Increase the Tax Burn of Terra Classic (LUNC) Network from 0.2% to 0.5%
— KuCoin (@kucoincom) May 18, 2023
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Path to LUNC Recovery Getting Clearer?
The new development will certainly boost the Terra Classic community’s chance to burn more tokens via their transactions on the exchanges that support the mission, especially Binance which boasts of the highest daily trading volume.
The proposal, which has now been approved for implementation, is meant to increase the burn tax rate from the current 0.2% to 0.5% as earlier mentioned.
This is expected to bolster the long-term vision of Terra Classic recovery as the community members will start seeing a higher number of daily LUNC burns across various exchanges.
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