As the Terra Classic community pushes to revive the LUNC token, a proposal to implement a 1.2% tax burn on all LUNC transactions was rolled out. The wallet address for the LUNC burn actions is terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu, as officially assigned by Terra Classic.
Several exchanges including KuCoin, Huobi, and MEXC Global have enforced this proposal by the Terra Classic community. So far, the MEXC exchange has burned over 154.8 million LUNC tokens within 5 days.
MEXC LUNC Burn Event
MEXC Global, a widely used crypto exchange created by experts from Wall Street Journal, Japan, and Europe became the first centralized exchange to activate the LUNC 1.2% tax burn.
On September 3, MEXC Global announced support for the Terra Classic (LUNC) upgrade and launched a burning event for LUNC spot trading fees. The event which began on September 3, 2022, will be rounded off on September 17, 2022.
The popular centralized exchange wrote, “to support the burn tax proposal from the Terra Classic (LUNC) community, MEXC will launch a time-limited burning event for spot trading fees of LUNC/USDT and LUNC/USDC.”
MEXC adopted the approach of using the trading fees received from LUNC/USDT and LUNC/USDC spot trading pairs to buy back Terra Classic (LUNC)every day throughout the event period. These tokens are later sent to the official burn address provided by Terra.
Details of LUNC Burned
While the burn event is yet to be concluded, MEXC burned 154,799,894.51 LUNC tokens.
Terra Classic tokens burned on day 3 amounted to 22,520,586.51 while 35,778,137.17 LUNC tokens were burned on the fifth day into the event. The largest burn amount was recorded on day 4 as 71,023,573.19 LUNC tokens were transferred to the dead wallet by MEXC.
Terra Classic (LUNC) continues to trend due to its recent good performance in the crypto market. Following the positive developments around the embattled token, investors and exchanges have shown support for the token. Recently, LUNC was listed on a decentralized exchange for the first time while Binance introduced a new trading pair for the token.