The rate the platform raise support for the LUNC this time is a clear indication that the coin has revived and watching the reaction of the LUNC in the market is another indication of the total restoration of the coin.
The recent announcement by Binance said it supports the 1,2% tax burn proposal and it focused on the minimum withdrawal amount, maximum amount, and withdrawal fees for LUNC and USTC via the Terra Classic network once the Tax burn goes live on Sep 20th.
Binance’s Support Is For Only Withdrawal And Deposit
Although, Binance has not fully confirmed taxing LUNC trading and it says that spot and margin trading for LUNC and UISDTC will remain untampered when the tax burn comes live.
The LUNATICS community is somehow disturbed due to the Binance’s decision on the tax burn proposal application to the LUNC trading.
LUNC’s History From May Terra Crash
LUNC’s breakthrough these days has shown that the coin is now fully restored after months of downtime gotten as a result of the May Terra collapse.
It is worth noting that the LUNC came following the LUNA crash in May when the majority of the Terra community went for the creation of another token different from the existing LUNA and named it LUNA 2.0.
The rest of the community stated that there is still hope that the existing token can be revived. They only renamed the existing token as LUNA Classic from LUNA.
And since this time, the community has been arranging burns to revive the coin and also, and In June 2022, investors voted that a 1.2% tax burn should be applied to all LUNC on-chain transactions. All LUNC tokens obtained via the tax initiative will be permanently destroyed, thus reducing the total supply of the asset class and ultimately bolstering its value.
Exchanges Show Interest In LUNC’s Tax Burn Proposal
Interestingly, many exchanges have been adding support to the burn proposal ahead of the day it will go live. It was reported by Cryptolifedigital, that exchanges like MEXC Global, KuCoin, and Gate.io recently added support to the burn proposal and MEXC Global has initiated a significant amount.
The community has chosen the 10th of September, 2022 as the voting day while the proposal goes live on the 20th, of September.