KuCoin has joined the listing of centralized exchanges which have dedicated to support the 1.2% tax burn proposal by the Terra Luna Classic group. Other CEXes which have dedicated to support the LUNC tax burn embrace MEXC, CoinInn, and Gate.io. MEXC was the primary CEX to point out that it’s going to support the tax burn.
The proposed tax burn will lead to a tax on all on-chain transactions between wallets and sensible contracts involving USTC and LUNC tokens.
In an official announcement, Kucoin mentioned:
“Dear KuCoin Users, KuCoin will support the 1.2% tax burn proposal of the Terra Classic (LUNC) group.”
According to the announcement, KuCoin will totally support the 1.2% tax burn as soon as it’s formally authorised and applied.
LUNC worth surging
Recent proposals and the introduction of LUNC burning and staking have pushed the worth of the LUNC token up by greater than 37,000% since its lows after the TerraUSD (UST) crash.
The implementation of the 1.2% tax burn is anticipated to add extra impetus to the momentum and hopefully assist drive the worth of LUNC above $0.0005. According to the proposal, the tax burn will make LUNC a deflationary coin.
A vote on the tax burn proposal is scheduled not lower than September 10 with an implementation slated to start on September 20 if the proposal is adopted by a majority of the group.