These Crypto Exchanges to Support 1.2% Tax Burn for Terra Classic (LUNC)

These Crypto Exchanges to Support 1.2% Tax Burn for Terra Classic (LUNC)

Last week, Terra Classic (LUNC) hit a low of $0.000244 and had since bounced back upwards, ranging between the $0.00032 and the $0.00026 levels.

Terra Classic (LUNC) Price Analysis

The price has bounced off $0.00032 and is now trading downwards again in what appears to be an attempt to retest the $0.00024 level. This came after the cryptocurrency hit a high of about $0.00065 on 9 September.

<em>Chart of LUNC/USDT showing average price conditions | Source: TradingView</em>
Chart of LUNC/USDT showing average price conditions | Source: TradingView

This week alone, the price of LUNC has been up about 15% and is one of the top gainers on Binance – One step right behind Ape Coin. Despite the bearishness of the entire market, the recent pumps the cryptocurrency has experienced are a considerable show of strength by its bulls. Especially since Bitcoin has now sunk below the $20,000 mark and has dragged most other altcoins down.

As of 21 November, LUNC is changing hands at around $0.0001541, down by 10.23%, with a market cap of $923M

1.2% Tax Burn for LUNC

eToro and are two popular crypto exchanges that have agreed to support the 1.2% tax burn for Terra Classic (LUNC) and USTC on the Terra Classic network. Although has offered to support the 1.2% tax burn for on-chain activities, eToro has agreed to do so for both on and off-chain activities.

eToro posted a notice on its website stating it would support the 1.2% tax burn on LUNC and USTC. However, on the platform, this new development will impact the operating costs of all offerings associated with LUNC.

eToro aims to add 0.6% in operation fees to the bid and ask prices of LUNC. Making 1.6% in total if one adds the original 1% fees applicable to all trades.

While eToro's new development is supposed to be for both on and off-chain transactions, that of is only applicable to on-chain transactions such as deposits and withdrawals.

Burn Tax on Other Exchanges

Other exchanges supporting this 1.2% tax burn include Binance, the largest cryptocurrency exchange in the world, KuCoin, Huobi, Kraken,, MEXC Global, Coin Inn, and LBank.

While Binance hasn't yet decided how to implement this 1.2% tax burn, they have since made it public that its management will soon decide on the matter.

The 1.2% tax burn is successfully implemented at the block height of 9,475,200. However, the price has nosedived more than 3% today alone and is currently trading around the $0.00024273 level.

Recently, South Korean prosecutors have confiscated over $100 million worth of assets belonging to the co-founder of Terraform Labs, Shin Hyun-Seong. This step is a part of an ongoing investigation against Terraform Labs for generating unfair profits. 

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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