OKX Activates Terra Classic Tax Burn; Over 848 Million LUNC Destroyed Since Burn Implementation

As multiple exchanges like OKX implement the 1.2% tax burn which was recently activated on the Terra Classic network, a large number of LUNC tokens have been taken out of the token’s supply. The burn initiative aims to reduce the supply of Terra Classic (LUNC) to 10 billion from the initial supply of approximately 6.9 trillion.

As seen on Stakebin, a platform that tracks all LUNC burn transactions on the Terra Classic network, 848,512,735 LUNC have been destroyed since the 1.2% tax burn went live.

The burn program was activated on September 21 with 80,598,500 LUNC burned on the same day. While 380,650,755 Terra Classic tokens were burned on Thursday, 405,857,928 LUNC have been burned today, at the time of writing.

Per an announcement from OKX Exchange, the 1.2% tax burn only affects deposit and withdrawal operations. The exchange noted that users will not be levied when they trade LUNC on the spot, margin, or futures market. It added that “the tax will be applied to all crypto denominations currently available on the Terra Classic network, including LUNC and USTC.”

Part of the update from OKX read,

“Once the tax burn is live, it will affect LUNC and USTC services on OKX in the following ways —

Deposits. When you deposit LUNC and USTC to OKX, you will receive the deposit amount minus the 1.2% tax charged by the Terra Classic network.”

“Withdrawals. When you withdraw LUNC and USTC, you will receive the withdrawal amount minus OKX processing fees and the 1.2% tax charged by the Terra Classic network. The withdrawal amount you will receive is subject to changes in processing fees.”

The teeming Terra Classic community continues to press buttons to have more popular exchanges implement the 1.2% tax burn on all LUNC operations including spot, margin as well as futures trading. The community believes that LUNC price could appreciate if the total supply is reduced. However, FatMan and David Gokhshtein, a former US Congressional candidate think differently.

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Ndianabasi Tom

Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.