Terra Classic (LUNC) 1.2% Tax Burn Gains Support on Crypto.Com Exchange

Another top crypto exchange, Crypto.Com, has supported the 1.2% tax burn for LUNC on the Terra Classic network. At a block height of 9,475,200 on September 20, the Singapore-headquartered digital asset exchange activated LUNC burn on all on-chain transactions including buy and sell operations, after the proposal submission.

The update added that for depositing LUNC on the Crypto.Com App, the transactions will be taxed by the Terra Classic network before it lands on the exchange. That is, 1.2% of the amount will be deducted by the Terra Classic network as tax before the remainder is credited to the user’s Crypto.com account.

Likewise, for withdrawals from the exchange, “users will receive the withdrawal amount minus withdrawal fees charged by Crypto.com and the 1.2% tax deduction by the network.” Crypto.Com, therefore, is now one of the early exchanges to support the Terra Classic LUNC burn initiative.

Other major exchanges that have implemented this LUNC community burn proposal that passed with a high vote percentage include MEXC Global, KuCoin, and Huobi.

MEXC Global, the first centralized exchange to support and activate the LUNC tax burn, has successfully burned the spot trading fees of LUNC generated on the platform during its time-limited burn campaign. Data show that a total of 466,330,428 Terra Classic tokens worth $136,000 have been destroyed by the popular exchange.

It is worth noting that the introduction of the 1.2% tax burn for all on-chain transactions of LUNC on the Terra Classic network is aimed at reducing the total supply.

According to the passed proposal, the Terra Classic community intends to peg the token’s total supply at 10 billion. As seen on Etherscan, the current max total supply of LUNC is approximately 14.06 billion.

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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.