Friday, December 9

LUNC Community Asks Central Exchanges To Implement Tax Burn Proposal On Off-Chain Activities Via New Proposal

Another proposal has been launched by the LUNC community to request the central exchanges (CEXes) implement the proposal on off-chain activities such as spot trading.

Recently, various exchanges have added support to the tax burn proposal, although most of the support are deposits and withdrawal only. In the recent AMA, Ask Me Anything with KuCoin on Thursday, the exchange stated that it would not implement the proposal for the off-chain transactions.

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The statement of the KuCoin exchange was not as expected by the LUNC community as they think that the exchange appeared to suggest they would support off-chain burns.

The LUNC community expects that the central exchanges’ support for the 1.2% tax burn proposal would include off-chain activity. Implementation of the proposal on off-chain transactions will go a long way to make it more effective in burning massive LUNC supply as most LUNC activity holds on central exchanges.

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It is worth noting that about over 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.ioMEXC 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.

Although, the LUNC community will be meeting with Binance in less than a week to discuss plans on how to bring up tax burn.

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