LUNC, the token of the Terra ecosystem, which has collapsed in the past months, has been coming up with various developments in recent days. Here are the details…
Huobi supports 1.2 percent tax plan, while LUNC outperforms BTC in trading volume
Huobi Global announced that it will support the 1.2 percent tax proposal for LUNA Classic (LUNC). Huobi joins the list of big-name exchanges in support of the LUNC tax proposal. Still, users seem to be dissatisfied with the app. Huobi Global announced in a tweet that the cryptocurrency community will support the 1.2 percent tax proposal. Huobi Global’s support comes after the world’s largest exchange, Binance, announced that it would support the community’s initiative. The two exchanges joined companies such as KuCoin, Gate.io, MEXC Global and Y5 Crypto that expressed their support for the proposal.
While these are positive developments, some in the community were not impressed that Gate.io, Binance and Huobi chose to implement the 1.2 percent tax burn offer. Notably, all three exchanges refused to impose a 1.2 percent tax on transactions on the platform, limiting this tax to deposits and withdrawals only. This can deter users from exiting exchanges. As Huobi emphasized, the tax proposal will be implemented on September 13 if it receives support from Terraform Labs. However, without the support of Terraform Labs, the community plans to go live around September 20.
In anticipation of the tax-burning policy, the LUNC token continued to find new successes. Notably, LUNC has become the number one most traded cryptocurrency on KuCoin. Thus, Bitcoin surpassed Ethereum, XRP and Solana. LUNC’s trading volume currently stands at over $300 million compared to the roughly $171 million in Bitcoin.
MEXC Global supports burning event for cryptocurrency
According to data from the blog post, MEXC burned approximately 155 million LUNC in trading fees in just four days of the two-week LUNC burn event to support the 1.2 percent tax proposal from the community. Specifically, over 100 million LUNCs have been burned in the last two days. It’s worth noting that MEXC first announced its plan to support LUNC’s 1.2% tax proposal on transactions in a blog post on Saturday. MEXC uses the resulting fee to set the LUNC spot trading fee to 1.2% and then redeem LUNC tokens sent to the burn wallet provided by Terra.
While MEXC plans this event to last only two weeks, the exchange expressed its willingness to continue the initiative for longer if the response from its users is positive. Since MEXC announced its support for the proposal, other major crypto exchanges have also pledged to support the LUNC community tax proposal. cryptocoin.com As we have reported, KuCoin and Gate.io also gave their support to this proposal.
Investors are pouring money into the ecosystem
Meanwhile, investors continue to show interest in LUNC. Despite the ongoing bear market and LUNC’s lack of compelling usage, interest in the token is growing. Accordingly, LUNC market cap was $3.2 billion, up 1.68 billion, or 101.2 percent, from $1.59 billion recorded on September 1, according to CoinMarketCap data. The buying pressure was also reflected in the price, and the asset gained 107 percent in a week and is now the 24th largest cryptocurrency by market cap. Currently, LUNC was trading at $0.0055 after posting gains of over 62 percent in the last 24 hours, according to data.
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