LUNC: Annoyed, the community approves a vote for the off-chain implementation of the burn tax

While the foot calls have not ceased from the LUNC community, it has accepted a new proposal related to the burn tax to reiterate to the exchanges the desire for off-chain implementation of the tax.

As a reminder, according to the proposal currently in force for the Terra Classic ecosystem (LUC), the burn tax is 1.2% and applies to both on-chain and off-chain transactions. The latter are the most important, since they are carried out within an exchange itself. However, transactions internal to the exchange are those which record a greater volume of transaction; thus, at the same time, in the event of application of the burn tax, a greater quantity of LUNC would be burned.

The token community has expressed its disappointment on several occasions after the announcements of the exchanges which multiplied, seemingly favorable to the tax. However, after reading the press releases in detail, there were many disappointments when readers realized the specifics: the burn tax would not be applied to spot trading on the platforms.

The LUNC community seems determined to get from the exchanges what it expects of them, having reiterated its call for support from the crypto exchanges when they had repeatedly expressed their desire to want to support the token unfailingly. LUNC, as well as its investors who lost everything in May. However, crypto exchanges now seem inclined to turn a deaf ear for the time being.

Source : Twitter

This new proposal was unanimous within the community, with a proposal approved by more than 99%. The main validators have therefore responded by voting favorably for the proposal. As a result of this vote, insistent calls will persist to clearly signal to CEXs that the application of the burn tax, on spot trading in particular, is unanimously desired by the entire community and not just by a few individuals.

This burn tax is currently a critical issue, especially when we notice the spot trading volumes of the LUNC token in recent days (particularly on Binance).

On the Binance Spot market, the LUNC token is ranked third, only behind Bitcoin and Ethereum, and ahead of renowned tokens such as XRP, BNB and SOL.

The implementation of the burn tax is imminent

Despite these disappointments, the LUNC community perseveres in its intentions, and the implementation of the burn tax is fast approaching. While there are not many blocks left before the one that has been defined as the first integrating the 1.2% tax on each blockchain transaction, the date envisaged is 09/21/2022. So this week will prove to be revealing of which CEXes do and do not (really) support the LUNC token and where the whole community wants to go.

Source : Twitter

CEX have also been widely criticized for not being left out of the expensive gains they have been able to reap thanks to the hype linked to the LUNC token. The token has indeed reported rather unexpected gains in this bear market period with its resurrection and trading volumes above its market cap, as has been the case on several occasions in recent weeks. Something all the more rare on the crypto market.

A good student who has not yet reiterated his support for LUNC

Alongside the turbulent news surrounding the Terra Classic token, the MEXC exchange has generally stood out as a platform providing unwavering support to the LUNC community.

Indeed, while the burn tax is not yet implemented on the Terra Classic blockchain, MEXC has taken the lead, internally establishing “its own burn tax”. The crypto exchange platform has decided to dedicate 1.2% of its earnings on each transaction surrounding the LUNC to buy back tokens and send them to the dead wallet. At the end of this event, which lasted 15 days, more than 466,330,423 LUNC tokens were burned by an exchanger responsible for less than 1% of the volume surrounding LUNC transactions.

If the other exchangers had followed MEXC’s initiative, no less than 46 billion LUNCs would have been burned in just 15 days.

However, the good student that the exchange has been could end up going badly. Indeed, the latter has not yet positioned himself on what he will do after September 20, the date on which his current initiative ends; which begins to tense the followers of LUNC.

Source : Twitter

Once again, the LUNC community seeks to be heard and does not hesitate to directly challenge the exchanges to obtain unfailing support for proposals that are unanimous internally. A cry of despair that any LUNC holder hopes to hear from crypto exchange platforms.


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