MEXC Global Becomes The First Lead Exchange To Support LUNC Tax Proposal And It Burns Over 25.4M In The Last 48 Hrs
The supply of the LUNC has been greatly reduced over time as the various platform added support to the token. Recently, a blog post was released saying that the crypto exchange MEXC Global unveiled its plan to add support to the LUNC community burn tax proposal between 10:00 September 3 to 10:00 September 17 (UTC).
MEXC Global stated:
“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,”
Recall, that the LUNC tax proposal stated that a 1.2% tax be applied on all on-chain transactions and burns. MEXC Global said the spot trading fee for LUNC trading pairs will be adjusted to 1.2%. MEXC notes that it will use the trading fee obtained to carry out secondary market buybacks daily. The LUNC tokens obtained from the buybacks would then be sent to the burn address provided by Terra.
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Interestingly, MEXC Global gave an assuring statement that the time frame could be extended depending on the feedback from the community.
Last week, MEXC Global joined UK-based crypto exchange Y5 Crypto, which also unveiled its support for the LUNC’s tax proposal.
There Has Been Positive Impact As Over 25.4M LUNC Tokens Is Burned In The Past 48 HRS
Following the support of MEXC Global on the tax proposal, over 25.4 million LUNC have been incinerated over the past 48 hours.
It is worth noting that the since the May Terra collapse alongside its token, the community renamed the token to Luna classic while some others forked another token dubbed Luna 2.0.
The new LUNC token has been receiving support from various platforms and also from the community as they made up their mind that they will not move to the forked token but rather keep burning until the LUNC price got revived.
In the course of their support, they made a proposal which says that over every token transacted, 1.2% will be burned to reduce the circulation and also improve the price cap.
While they keep doing some others decided to follow the fork token, Luna 2.0 as a new version of the original LUNA.
Over time, the series of burns done for LUNC has impacted its market cap as over $1 billion has been added in the last few weeks. LUNC is currently trading at $0.0002591, up 3.47% in the last 24 hours
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