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Proposal to Make Centralized Exchanges Initiate Off-Chain Burns for Terra Classic (LUNC) Launched

The Terra Classic community members are writing the destiny of the embattled chain with their own hands by taking unanimous decisions that could turn the situation around for the massively devalued digital token LUNC.

On the 15th of September 2022, the proposal for the implementation of a 1.2% LUNC tax burn was passed with over 99% votes, which indicates that the community members generally want the burn to happen.

However, before the proposal was passed, some exchanges, such as Binance, were already turning down the implementation of the proposal for both spot and margin trading.

Read Also: Terra Classic Launches New Solution to Burn LUNC Tokens Three Times More: Details

So, to make all centralized exchanges (CEXs) know that it’s the community’s decision for them to honor the 1.2% tax proposal, a new governance vote has been launched. The voting process is meant to last for the next 5 days, as recently shared on Twitter by a Terra Classic community member.

“Governance vote to request CEX honour 1.2% tax with ‘off chain’ burns: Plz share, many do not know about the vote. On gov. page click ‘show all’ (top left). More below. POLL: Should CEX tax 1.2% on all off chain $LUNC transactions?”

The report referenced the fact that the KuCoin exchange previously agreed to support off-chain LUNC burns but later made an unfavorable U-turn. The exchange said “as the people’s exchange we would always respect the community’s decisions” but off-chain transactions will be “tax-free”.

Read Also: Binance Sets AMA Date for Terra Classic Team in a Bid to Reconsider Decision On 1.2% LUNC Tax Burn

Also, Binance and some other top centralized exchanges are yet to take a decision on whether or not to support the off-chain burns of LUNC tokens. But for the effectiveness of the Terra Classic community’s mission, all major CEXs have to support it on both on-chain and off-chain transactions, which called for the launch of this new proposal.

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Urging the LUNC community members to respond to the proposal, the report says:

“Make your voices heard, vote on and share prop 4793, state your preferences loudly on social media. Let there no confusion for CEX and everyone about what the LUNC community wants. Then we can see if CEX mean it when they say: ‘we support the tax and the LUNC community’.”


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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