According to the tweet shared on the 12th of September, 2022, showing the result of the community’s voting on the LUNC’s 1.2% tax burn proposal.
LUNC 1.2% Tax Burn Proposal Has An Overwhelming 99.97% Support
The development was shared by a Twitter handle, TerraRebel, which revealed that the vote was almost 100% in support of the proposal. According to the tweet, the tax burn got over 96% votes while the anticipated vote in support of the proposal calmed at over 99%.
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Recall, that the 1.2% burn proposal was designed as a means to revive the LUNC token from the effect of the prominent May Terra collapse. However, the coin has gotten a lot of support ahead of the voting date.
Exchanges Are Already Supporting The LUNC 1.2% Tax Burn Proposal
Exchanges like Gate.io, KuCoin, Binance and MEXC global have added support for the burn proposal ahead of the community decision slated to hold on the 10th of September,2022.
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It is worth noting that the MEXC Global crypto exchange has happened to be the first major crypto exchange to add support for the proposal and Following the MEXC Global support for the LUNC’s 1.2% tax burn proposal, almost 155 million LUNC was burned five days after its support.
However, the exchange made it known that burning will run for two-week after which it will await feedback from the community to know maybe to continue or not.
Also the Binance, the largest first add support on the tax burn only for the withdrawal and deposit which was not so interesting for the community later following the LUNC community reaction, the Binance came and unveiled its decision to review the proposal for full support.
Community Initiates Their First Burn
Interestingly, the community did their first burn which claimed a total of 5,000,000 LUNC tokens as stated in the tweet.
More also, the largest crypto exchange, Binance recently added LUNC and USTC to the Binance convert which will allow making the coin available for conversion with another coin.
With the new development, it shows that the community is fully in support of the 1.2% tax burn and it is a clear indication that the Tax burn will go live by the 20th of September as scheduled.