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OKX Implements Terra Classic Tax Burn, As Half A Billion LUNC Burnt With 1.2% Burn Proposal

OKX Implements Terra Classic Tax Burn, As Half A Billion LUNC Burnt With 1.2% Burn Proposal

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More exchanges jump to speed.

The leading crypto exchange OKX has introduced a 1.2% tax burn on deposits and withdrawals.

It comes almost a week after it said in a blog post that it would support the change in tax parameters and two days after it is published online. The exchange currently has over $20 million in 24-hour LUNC volume.

While not implementing fueling and margin trading functions may disappoint many, it is still positive news for the network as the more fueling opportunities the better. In particular, the community plans to reduce the supply of LUNCs to 10 billion from the current approximately 6.9 trillion.

It is worth mentioning that Binance has suspended LUNC deposits and withdrawals until September 26th. Although the reason for this is unclear, it may be due to its current high volume. Notably, Binance CEO Changpeng Zhao is currently hosting an Ask Me Anything (AMA) session on Twitter. So it’s not surprising to see the crypto leader facing many questions about LUNC and him promise to help the community on its way to recovery.

So far away, more than 540 million LUNCs have been burned since the introduction of the 1.2% fuel taxthe largest volume came yesterday, about 380 million.

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