Since Terra’s LUNA collapsed along with its stablecoin, USTD, which lost its peg against the US dollar, the currency has been striving for stability. At the time of writing, Terra (LUNA) is selling at $2.69 with a drop of 7.72% over the last 24hrs.
Following the collapse, the network introduced TerraClassic (LUNC) and its stablecoin, TerraClassicUSD (USTC). Terra Classic (LUNC) is currently trading at $0.000265 after a drop of 4.30% on the last day.
Recently, there was an announcement from one of the largest cryptocurrency exchanges that it would support a 1.2% tax burn for Terra Classic (LUNC) and TerraClassicUSTC (USTC) on all-chain activities, which will start from September 21 at 22:00 UTC.
LUNC’s 1.2% Tax Burn Will Be Backed by Binance
However, now Terra Networks is also seeking tax-burn support for off-chain activities such as buying and selling. Following the surge in demand, the exchange claimed that it would review and update its support for off-chain transactions, but since then, no updates have been received from the firm.
For now, the 1.2% tax burn is supported only for on-chain activities such as deposits and withdrawals, but not for off-chain activities such as buying and selling. Starting September 21, LUNC and USTC deposits will be consolidated from addresses transferred to Binance Wallet and are subject to a 1.2% tax burn by the Terra Classic system. The same is true with withdrawals, where after withdrawing LUNC and USTC from Binance Wallet, there will be an application for withdrawal fees and a 1.2% tax burn.
There will be minimum and maximum withdrawal fees and the 1.2% burn tax will be automatically affected when the block height hits 9,475,200. This will impact exchanges like KuCoin, Kraken, Huobi, Gate.io, and MEXC Global CoinInn among others.
