eToro, An Isreal-Based Trading Platform Now Join the Other Exchanges To Support LUNC 1.2% Tax Burn, It Implement Its Support On Off-Chain
Another exchange recently announced its support for the LUNC 1.2% tax burn proposal. An Israel-based trading platform, eToro said in its yesterday’s post that it implementing the 1.2% tax burn on trading activity.
eToro is popular with a global multi-asset investment exchange that makes provision trading facilities in stocks, forex, crypto, etc.
It is worth noting that the trading activity on exchanges commands more volume than on-chain activities. Consequently, exchanges’ implementing the tax on off-chain activities significantly improves the effectiveness of the burn initiative to reduce the LUNC supply.
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eToro Sets To Implement Its On Off-Chain
While most of the supporting exchanges are only implementing their support on only deposits and withdrawals, eToro is set to implement it off-chain.
The eToro exchange stated that; “The tax and burn mechanism affects the operating costs associated with our offering of LUNC. As such, as of Sept 20, an operational fee of 0.6% will be added to eToro’s bid and ask prices for LUNC, on top of the standard 1% fee that is calculated when buying or selling crypto assets on eToro,”
The new development was a huge update for the LUNC community as the reXx, a member of the TerraRebel shared the news. Regarding this, the community hopes to see that exchanges like Binance and others would take a cue from them. Additionally, users are beginning to seek out the platforms that are implementing the 1.2% tax burn on off-chain activities. As a result, we are likely to see an influx of LUNC investors and traders to these platforms.
Eleven Exchanges Now Support LUNC Tax Burn Proposal
Few hours ago, CryptoCom added its support on the LUNC tax Burn making the total support from the platforms 11 with the eToro. Exchanges like Binance, KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn, Kraken, and CryptoCom have recently supported the proposal and out of these, only Kucoin, MEXC Global, and CoinInn will support burns on LUNC trading.
It is currently trading at the $0.0003023 price point.
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