KuCoin has decided to support the 1.2% tax burn proposal by the Terra Luna Classic community. In addition, other CEXes that have committed to helping the LUNC tax burn include Gate.io, MEXC, and CoinInn. The initial CEX to declare its intention to support the tax burn was MEXC.

All on-chain transactions between wallets and smart contracts, using USTC and LUNC tokens will be taxed; as a result of the proposed tax burn.

The tax proceeds will be used to mint new Terra tokens, which will then be burned. The community has proposed that KuCoin support the tax burn, by committing to listing the newly minted Terra token on its platform.

KuCoin has not yet committed to listing the new Terra token, but the exchange will likely do so given its history of supporting innovative projects. And its commitment to providing users with a wide variety of trading options.

KuCoin is one of the most popular cryptocurrency exchanges and is known for its user-friendly interface and wide range of supported coins. The exchange currently lists over 150 different cryptocurrencies, including major coins like Bitcoin, Ethereum, Litecoin, and KuCoin Shares.

In an official statement, Kucoin says:

“Hello, KuCoin users,

We are excited to announce that we will be supporting the 1.2% tax burn proposal of the Terra Classic (LUNC) community.”

The KuCoin team has announced that they will be supporting the 1.2% tax burn once it is officially approved and implemented. KuCoin users will be able to participate in the tax burn by holding LUNC in their KuCoin accounts.

The team also states that they will be listing the Terra Classic (LUNC) token on KuCoin shortly after the tax burn is completed. KuCoin users will be able to trade LUNC against BTC, ETH, and USDT.

This is great news for the Terra Classic community as KuCoin is one of the most popular cryptocurrency exchanges. The listing on KuCoin will help increase the visibility of Terra Classic and attract more investors.

LUNC price upsurge

The price of the LUNC token has increased by over 37,000% from its lows after the TerraUSD (UST) collapse. This is due to recent bids and the unveiling of LUNC burning and staking.

The 1.2% tax burn is expected to provide further momentum to the market and help LUNC rise above $0.0005. According to the plan, the tax burn will make LUNC a deflationary currency.

The vote for the tax burn proposal is set for September 10. With an implementation date of September 20 if it’s approved by a majority of the community.

About KuCoin

KuCoin is a world-class blockchain asset exchange which has its cryptocurrency called KuCoin Shares (KCS). KuCoin’s philosophy is “All for trading, trading for all”. It has been designed to simplify crypto trading and it does this very well.

The platform also offers many unique features such as its OTC trading desk, Instant Exchange, KuCoin Bonus and more. KuCoin also has very low trading fees at just 0.1%. KuCoin is a great option for those looking for an easy-to-use crypto exchange.

KuCoin is one of the few exchanges that will support the tax burn proposal for LUNC. KuCoin will be burning 1.2% of all LUNC tokens every month. This is a great way to help reduce the supply of LUNC and increase the demand for the token.

About Terra Classic

Terra Classic is a blockchain platform that enables the creation of stablecoins. Terra Classic uses a new innovative consensus algorithm, the Tendermint BFT, which is faster and more secure than other existing consensus algorithms.

Terra Classic also has a built-in decentralized exchange called the Luna DEX. The Luna DEX allows users to trade any blockchain asset in a fast and secure manner.

James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.