LUNC Prices Soar After Tax Burn Plan Announced
Despite the Terra coin selling happening on the ecosystem, it appears that the LUNC price is now continuing to rise. While Project LUNA’s plan was to bring more investors back into the market, the price of LUNC surged above 100%, as previously reported.announceLet Terra come up with a Tax Burn program for on-chain transactions, including transfers of LUNC and USTC tokens from various wallets and smart contract transactions.
Terra has proposed a Tax Burn plan in the hopes of reducing the supply and inflation that occurs on the Terra blockchain, where 1.2% of the tokens will be burned and a tax will be charged on every transaction to allow the tokens. Ken LUNC has less inflation.
If Terraform Labs (TFL) agrees with the Tax Burn proposal, it will be implemented on Sept. 20, but if the offer is rejected. Instead, the new Terra Rebels developer team will offer a website, desktop application and mobile application that facilitate the Tax Burn process.
At the moment, the price of LUNC is $0.00050191, or about 0.018 baht, a 16.3% increase over the past 24 hours.informationfrom CoinGecko
KuCoin support
KuCoin also announced that its platform services related to LUNC and USTC will not be affected if the community opts out of the Tax Burn offer, suggesting that users deposit Terra Classic tokens in order to: Avoid the cost of coin deposits that may increase in the future.
“KuCoin will support the 1.2% Tax Burn offer once this offer is officially approved and applied to the Terra Classic mainnet (LUNC). KuCoin services will not be affected if: It happened that the community did not agree with the proposal.”
Other crypto exchanges such as Gatei.io, MEXC Global and CoinInn also announced support for the new system upgrade.
Source: LINK