- The 1.2% taxation process is expected to start functioning from Sept 20th.
- Major exchanges like Binance, Kucoin, and Huobi have expressed support.
Terra Classic’s (LUNC) new features of 1.2% tax burn and distribution of v22 update, proposals named 3568 and 4195 respectively are the talk of the town currently. The support for both proposals is also immense.
Recently major exchanges like Binance and Kucoin have expressed support. As the day started today, Huobi also communicated their support for the Terra Classic’s proposal.
LUNC Proposal 3568 and 4195
LUNC’s proposal 3568 is a proposal for a 1.2% tax burn for all on-chain transactions of LUNC and USTC on the network. At present there is no such value for tax on the Terra Classic network, post the proposal the value will be 0.012.
The taxation process is expected to start functioning from Sept 20th, when the block height of Terra Classic reaches the value of 9,475,600. At the time of writing, the block height as per ATOMScan is 9,306,000.
The principal mechanism of taxation will be applied before reaching the exchange in the case of deposit. In case of withdrawal, the charge for withdrawal by exchange will be applied along with the 1.2% taxation. However, this mechanism will not make any effect on the off-chain activities.
LUNC’s price at press time is $0.0005048 and the trading volume is $3.15 B. In the last 7 days, the price has surged from $0.0002 to $0.0005. The terra community expects an increase in the price furthermore.
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