Terra Classic (LUNC) transactions tax will be supported by KuCoin and Gate.io

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Last Updated on September 8, 2022 by Bitfinsider

The Terra Classic (LUNC) community’s 1.2% tax burn proposal will be supported by cryptocurrency exchanges KuCoin and Gate.io. Taxes will be charged and burned for on-chain activities such as LUNC and USTC transfers between wallets and smart contracts, according to the 1.2% Tax Parameter Change proposal.

In an official announcement on September 7, cryptocurrency exchange KuCoin expressed support for the Terra Classic (LUNC) community’s 1.2% tax burn proposal.

Gate.io, another cryptocurrency exchange, has also stated its support for the 1.2% tax burn proposal. MEXC Global and CoinInn had previously expressed support for the 1.2% tax burn proposal.

The proposal calls for a 1.2% token burn tax on all transactions. As a result, LUNC will become a deflationary cryptocurrency. The proposal will be voted on on or before September 10. If TFL approves, the 1.2% tax burn will go into effect on September 20. If TFL rejects the proposal, Terra Rebels will provide an unofficial website, desktop app, and mobile app to enable tax burn.

If the community decides not to approve the proposal, KuCoin services related to LUNC and USTC will remain unchanged. To avoid increased deposit fees, the crypto exchange advises users to deposit all Terra Classic tokens.

The tax burn proposal, according to Gate.io, can benefit the LUNC community. The increased use of LUNC has resulted in a massive price increase. Furthermore, the daily transaction volume has increased by more than $2 billion.

Meanwhile, the LUNC community is currently seeking Binance’s support for the proposal. FTX and Binance have recently announced the suspension of Terra Classic (LUNC) and TerraClassicUSD deposits and withdrawals (USTC).


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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