Hope For LUNC Investors With Caution
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The enthusiasm of the entire crypto community reached a new level when the long-awaited 1.2% Terra Classic [LUNC] the tax burning protocol was introduced. The new protocol was successfully deployed at a block height of 9,475,200 on September 21st.
1.2% #OFF tax burning has been successfully implemented in the chain🏁
— LUNCBURN COMMUNITY (@KingAnu53015481) 22 September 2022
This is a significant development in the LUNC ecosystem as it would help LUNC gain more value in the long term. According to the original plan, this new tax burning mechanism is expected to continue until the total LUNC supply reaches 10 billion.
Not only this; there is more meat to the story as LUNC continues to receive massive support from several crypto trading platforms. With all this happening in the community, can we expect brighter days for the badge in the coming days?
LUNC stronger than ever
The famous crypto exchange KuCoin recently announced that it will support 1.2% tax burning and open mainnet Terra Classic withdrawal service. When the mainnet LUNC token withdrawal service is available, the tax will become active in KuCoin. Interestingly, users who deposit LUNC and USTC tokens on KuCoin are not charged.
In an official statement, KuCoin mentioned,
“KuCoin opens reputation withdrawal service Terra Classic tokens at 1:00 PM on September 21, 2022 (UTC).”
In addition, eToro, another crypto trading platform, also revealed that it plans to support the burning protocol, creating excitement in the community.
Officially the first Major CEX to support #OFF permanently!
Like & Retweet to spread the word! 🔥🔥🔥🔥🔥🔥🔥 is coming! pic.twitter.com/Y35KMPxDp3
— Luna C Whale 🐋🔥 (@TerraclassicHQ) 21 September 2022
Long journey ahead
Although the development around LUNC looks very promising, it still has a long way to go before it regains its former status. However, LUNC has definitely crossed several short-term milestones that gave investors hope for a brighter future for the token.
In addition to its huge gains last month, LUNC also recently entered the top 10 coins by social mention on September 21, according to Lunar Crush.
At press time, LUNC was trading at $0.0002831 with a market capitalization of $1,741,334,410. Therefore, what tax burning actually brings to the table is a question that only time can answer.
This article was compiled by: AMBCrypto
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