Crypto exchanges KuCoin and Gate.io will support the 1.2% tax burn proposal of the Terra Classic (LUNC) community.
According to the 1.2% Tax Parameter Change proposal, taxes will be charged and burned for on-chain activities such as LUNC and USTC transfers between wallets and smart contracts.
The recent proposals, staking, and burning led Terra Classic (LUNC) price to skyrocket 37,000% since its bottom after the Terra tokens collapsed.
KuCoin and Gate.io Support the 1.2% Tax Burn Proposal
Crypto exchange KuCoin, in an official announcement on September 7, expressed support for the 1.2% tax burn proposal of the Terra Classic (LUNC) community.
Another crypto exchange Gate.io has also announced support for the 1.2% tax burn proposal. Until now, MEXC Global and CoinInn had expressed support for the 1.2% tax burn proposal.
The proposal seeks to implement a 1.2% token burn tax on all transactions. It will make LUNC a deflationary cryptocurrency. The proposal is set for a vote on or before September 10. If passed by TFL, the 1.2% tax burn will be activated by September 20. Terra Rebels will offer an unofficial website, desktop app, and mobile app to enable tax burn if TFL declines the proposal.
KuCoin services related to LUNC and USTC will remain unchanged if the community chooses to not approve the proposal. The crypto exchange recommends users to deposit all Terra Classic tokens to avoid increased deposit fee costs.
Gate.io believes the tax burn proposal can benefit the LUNC community. The increase in LUNC burning has led to a massive price rally. Moreover, the daily transaction volume has jumped over $2 billion.
Meanwhile, the LUNC community currently seeks support from Binance on the proposal. FTX and Binance have recently announced suspending deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC).