Saturday, December 10

Tag: 1.2% Tax burn proposal

LUNC Volume On-chain Increases Following The Reduction Of The Tax Burn Parameter: Detail
Cryptocurrency

LUNC Volume On-chain Increases Following The Reduction Of The Tax Burn Parameter: Detail

It seems the reduction of the tax burn parameter is working as expected as the LUNC trading volume spike as noted in a recent tweet shared by Classy crypto. Recall that the reason for the reduction of the tax burn parameter from 1.2% to 0.2% was that the former resulted in a decline in the trading volume. Read Also: Ripple Says SEC Has No Legal Proof To Qualify XRP As A Security LUNC Trading Volume Spikes By 2X https://twitter.com/ClassyCrypto_/status/1583168137209712640 Per Duncan Day, the author of the proposal; “Gentle reminder that we need to measure this 7-days post-tax to give a reasonable assumption that it has increased volume on-chain,” Day wrote. “Given that I found 7-days enough to determine burn tax efficacy, it is only fair to give the same objective viewpoin...
Exchanges Like KuCoin, OKX And CrypoCom Follow Binance To Implement The Newly Passed LUNC Tax Burn Proposal
Crypto Exchanges

Exchanges Like KuCoin, OKX And CrypoCom Follow Binance To Implement The Newly Passed LUNC Tax Burn Proposal

Three cryptocurrency exchanges announced they would implement the New LUNC proposal to reduce the tax levied on LUNC and USTC on-chain transactions. Following Binance’s announcement of reducing the 1.2% parameter to 0.2%, exchanges have been showing support for the latest tax burn proposal of the LUNC token. Exchanges Support The Newly Passed LUNC Proposal Exchanges like the KuCoin, OKX, and Crypto.Com, followed the same path as Binance, the biggest cryptocurrency exchange. CryptoCom Agrees To Implement The Proposal 5234 In a newly shared tweet by crypto.com, it announces that it will reduce the tax burn parameter for Terra Classic token’s on-chain transactions, including deposits and withdrawals, from 1.2% to 0.2% while still maintaining the Tera classic token’s withdrawal...
Terra Classic Community To Implement Proposal 5234 That Will Reduce The Tax Burn From 1.2% To 0.2%
Cryptocurrency

Terra Classic Community To Implement Proposal 5234 That Will Reduce The Tax Burn From 1.2% To 0.2%

After seeing the effect of the LUNC 1.2% tax proposal on the on-chain volume, the LUNC proponents brought up the idea of proposal 5234. It is worth noting that the Terra Classic community passed proposal 5234 on Monday after a week of voting and debates. The new development was shared by the proposer, a community member known as Akujiro. Read Also: Terraform Labs Introduces Terra Expedition To Strengthen And Expand Terra Ecosystem https://twitter.com/Akujiro2/status/1582061912371892224 Also, the Terra classic developer, Alex ForShaw, gives the detail of the community debate, saying that the proposal attracted about 83% community participation, even without 58 of the network’s 85 validators. Notably, about 92% of non-abstainers voted for the proposal. https://twitter.com/...
Top Exchange Kraken To Support LUNC 1.2% Tax Burn Proposal
Cryptocurrency

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% https://twitter.com/krakenfx/status/1570061080004624384 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 LUN...
LUNC 1.2% Tax Burn proposal Has A Support Of 99.97% Vote, No Doubt, The Proposal Goes Live On 20th September 2022
Cryptocurrency

LUNC 1.2% Tax Burn proposal Has A Support Of 99.97% Vote, No Doubt, The Proposal Goes Live On 20th September 2022

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%. Read Also: Attorney John Deaton Shares Scenarios On How Issues Between SEC And Ripple Could Be Settled https://twitter.com/MoonNextStation/status/1569271172197666816 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...