Terra Classic

Binance, the largest cryptocurrency exchange in the world, said earlier that Terra Classic (LUNC) and Terra Classic USD (USTC) transactions will be subject to a 1.2% tax burn. But the community wants tax burn to work for things like selling and buying that happen off-chain. In a new announcement, Binance says that the 1.2% tax burn for on-chain transactions on the exchange will start on September 21 at 22:00 UTC.

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Binance To Back the 1.2% Tax Burn for LUNC Crypto exchange, In a new post on September 16, Binance said that the 1.2% tax burn for Terra Classic (LUNC) and TerraClassicUSD (USTC) will happen on September 21 at 22:00 UTC. But even though the exchange said it would look at and update its support for off-chain transactions, it has not said that it will support them.

The 1.2% tax burn is used for transactions that happen on the blockchain, like deposits and withdrawals. Unfortunately, the 1.2% tax burn will not be used for things like buying and selling LUNC that happen outside of the blockchain.

The Terra Classic network will burn a 1.2% tax on all deposits of LUNC and USTC from addresses to Binance wallets. In the same way, if you want to withdraw LUNC or USTC from your Binance wallet, you will have to pay fees and a 1.2% tax burn. But you only have to pay fees when you take money out.

Binance will also change the fees for withdrawing LUNC and USTC, as well as the minimum and maximum withdrawal amounts, so that they are fair.

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The proposal to change the 1.2% tax parameter has been approved by the community. TFL has also made changes to the code for the Terra Station. When the block height reaches 9,475,200, the 1.2% burn tax will be automatically put into place.

KuCoin, Kraken, Huobi, Gate.io, MEXC Global CoinInn, BTCEX, and LBank are among the other exchanges that support the tax burn.

The community has also burned almost 3.8 million LUNC and bet 565.5 billion tokens up to this point.

The price of Terra Classic keeps going down.

After South Korea put out an arrest warrant for Terra founder Do Kwon, the price of Terra Classic (LUNC) fell below $0.0003. But the Terra Classic community and validators have made it clear that Do Kwon’s attention is on Terra 2.0. (LUNA).

Also, the amount of money traded every day has dropped below $1 billion. During a rally to reach the $0.0005 goal, the daily trading volume jumped to over $3.5 billion. After the 1.2% tax burn is put into place on September 20, the price may go up again.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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