The LUNC 1.2% tax burn is gaining popularity daily with exchanges ahead of the date it would go live.
In a recent announcement by a Singapore-based cryptocurrency exchange, Bitrue, the exchange announces its support for the LUNC 1.2% tax burn proposal and it added that the 1,2% tax burn will be implemented for all Terra classic ecosystem tokens which include LUNC, USTC, MINE, ANC, STT, ORION, and C2X.
More also, Bitrue stated that the 1.2% tax burn will only be implemented in all on-chain transactions involving the listed cryptocurrencies.
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While the most anticipated 1.2% tax burn goes live on the Terra classic network on the 20th of September, the Bitrue exchange said it will upgrade its wallet to include the selected cryptocurrencies on September 19, 2022, in preparation for the 1.2% tax burn.
Bitrue also noted to the users that the in the course of the network upgrade for the above purpose, it will put all transactions on a hold and after the implementation, the tax burn proposal will be charged for every transaction made with Terra classic network tokens.
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Bitrue said:
“Deposit transactions will be taxed by the Terra Classic (LUNC) network before it reaches Bitrue. The balance will be credited to your Bitrue account after the 1.2% tax deduction by the network. Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Bitrue and the 1.2% tax deduction by the network,”
Eight Different Exchanges Are Already Supporting LUNC 1.2% Tax Burn proposal
It is worth noting that at the moment eight exchanges have added support for the LUNC 1.2% tax burn proposal. The list of the exchanges includes Binance, KuCoin, Huobi, Gate.io, MEXC Global, Lbank, CoinInn and Bitrue.
While the Binance exchange said the tax burn will only be implemented for on-chain transactions, some exchanges like KuCoin, MEXC Global, and CoinInn said they would implement it for both on-chain and off-chain LUNC transactions.