Burned less than 3,000 magnesium on the first day! LUNC launches 1.2% tax system, sorting out the support status of each exchange

Burned less than 3,000 magnesium on the first day!  LUNC launches 1.2% tax system, sorting out the support status of each exchange

Terra Classic (LUNC) officially launched the much-anticipated 1.2% burning tax policy on the 21st, but the value of the burned tokens on the first day was only less than $2,800. At the same time, the LUNC community strongly calls on major CEXs to support burning tax. This article will sort out the current handling methods of major platforms. (Recap:LUNC was exploded in September, and billions of coins were unlocked every day, and big players pulled out and shipped them! Prices have plunged 30% from their highs) (background supplement:Interpretation” The community has spread wildly that LUNC’s goal is back to $1. Why is it impossible to analyze the four levels?)

forwardTerra Classic (now known as $LUNC), which skyrocketed a while ago because of the launch of a 1.2% transaction burn fee. According to LUNC DAO’s post on the evening of the 21st (21st), the network has successfully upgraded the 1.2% burning tax policy at block height 9,475,200, and strongly calls on all major centralized exchanges to cooperate with this decision in response to the community’s expectations .

Burnt tokens worth less than $2,800

Before the deadline, according to the calculation data of “Stakebin”, after the official implementation of the burning tax policy yesterday, the total supply of LUNC has been reduced by 999,000 LUNC, but the actual value after conversion is only about 2,800 US dollars.

Source: Stakebin

It is reported that LUNC currently charges a 1.2% burn tax for on-chain transactions, such as wallet transfers or interactions with smart contracts; however, most of the LUNC transactions that are most helpful for burning tokens occur in companies such as Binance, Kucoin and Centralized exchanges such as Gate.io…; therefore, if these platforms are unwilling to cooperate, it may not help much for LUNC with a supply of 6.9 trillion.

The following dynamic areas will help you sort out the current support for the burning policy of major exchanges:

.Binance. FTX. Kucoin. Gate.io. Crypto.com

. Binance

Binance announced on September 8 that a 1.2% tax will be deducted when users send and withdraw LUNC tokens to Binance;However, spot and margin trading on LUNC and USTC, and related services on Binance Earn will not be affected by this burning tax; in other words, the most likely trading behavior to burn a large number of tokens, Binance is currently not intended to support.


At present, the exchange has not made it clear whether it will support the mechanism of burning the tax.

. Kucoin

KuCoin announced on September 7 that users will not be charged any fees for depositing LUNC and USTC into the exchange, and users will only be charged a burning tax fee when users withdraw.

In addition, KuCoin stated that the internal trading of LUNC and USTC tokens and related services will not be affected by the burn tax.

. Gate.io

Gate.io announced on September 20 that when users send and withdraw LUNC tokens, the platform will deduct a 1.2% tax.At the same time, no taxes will be charged on the spot and contract transactions of LUNC.

Source: Gate.io

. Crypto.com

Crypto.com also announced on September 20 that a 1.2% tax will be deducted when users send and withdraw LUNC tokens to the platform;However, the official did not clarify whether the spot trading of LUNC on the exchange would be affected by the burning tax.

A flood of proposals from the community asking centralized exchanges to support transaction burn

Due to the above-mentioned mainstream exchanges, the decision not to tax LUNC transactions within the platform is still maintained. Therefore, a large number of netizens who support LUNC began to hope that the decision-making of these exchanges could be changed through public opinion. But whether the platforms will actually change their decisions as a result is unknown.

LUNC price is not volatile

As for the LUNC price, after the official launch of the burn mechanism on the evening of the 21st (21st), although it once rose by about 5% to $0.00029, it began to decline soon after, and under the pressure of the United States raising interest rates by 3 yards again, with the The market fell to as low as $0.000267.

It is currently quoted at $0.000282 at the time of writing. To put it in perspective, compared to the sharp increase in the previous weeks, LUNC does not seem to have much fluctuation due to the introduction of the burn mechanism.

Source: Binance

📍Related reports📍

LUNC rose another 53%!The “1.2% Burning Tax” will be launched as soon as 9/20, but Kucoin and Gate.io call for support but raise doubts

Plot twist! LUNA suddenly soared 300%, LUNC fell more than 30% in reverse

Prosecutor Han issued arrest warrants for Terra founder Do Kwon and other seven people; LUNA and LUNC plummeted by more than 20%


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