Friday, December 9

Top Exchange Kraken To Support LUNC 1.2% Tax Burn Proposal

The support for the LUNC 1.2% tax burn is on the daily increase as another top cryptocurrency exchange announces its support for the proposal.

According to a tweet by Kraken Exchange, an official Twitter handle of the Kraken crypto exchange disclosed its plan to support for the LUNC 1.2% tax burn following its official announcement of the same purpose on its website.

Read Also: Crypto.com Adds LUNC To The Top Gainers’ List As It Spike By almost 20%

Kraken stated in its official announcement that all users should be conscious of the fact that the exchange will add a fee as a means to introduce the 1.2% tax burn on LUNC and UST on-chain transactions. Concerning LUNC and UST deposits, Kraken says, “When depositing LUNA or UST on Kraken, the deposit transaction must include the 1.2% tax in its transaction fee.”

In addition to the above statement, Kraken said it will an additional “1.2% sweep fee” that it would deduct from the deposited amount.

Per Kraken’s statement “When moving LUNA or UST off Kraken, transactions will be taxed by the Terra Classic network before they reach your external address. The balance will be credited to your external wallet, minus the 1.2% tax deduction by the network,” 

Read Also: Ripple And SEC To File A Public Motion For Summary Judgement On The 19th Sept: US Lawyer Reveals

The exchange made it clear that at the moment, Kraken is not Burns on LUNC trading as it noted that it would take effect by 6 AM (UTC) on September 21, at the LUNC block height of 9,475,200.

LUNC 1.2% Burn Proposal Receives Multiple Support

It is worth noting that about eight exchanges have already added support to the LUNC burn proposal. Undoubtedly, the proposal is gaining popularity among the top exchanges.

Recently, Exchanges like Binance, KuCoin, Gate.io, MEXC Global, Lbank, Huobi, Bitrue, and CoinInn added support to the LUNC 1.2% burn proposal of which only Kucoin, MEXC Global, and CoinInn will support burns on LUNC trading.

LUNATICs Vow To Revive The LUNC Token

It is worth noting that the LUNATICs has vowed to revive the LUNC token following the terrible May Terra collapse which leads to multi-million funds loss.

The LUNC 1.2% burn proposal is strategically designed to reduce the total supply of LUNC from 6.9 trillion to about 40 billion.

The Burn proposal is slated to go live on the 20th of September, 2022.

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