There is good news for Luna classic investors as LUNA CLASSIC (LUNC) is set to burn a 1.2% tax on Terra Luna Classic transactions.
The project suggested a few days ago, will become an official proposal in the TERRA community foreseeable before September 10, and its activation will take place on or before September 20, 2022.
Information from LUNC community
As released by user, LunaBurn_13 on Twitter, the community is speaking about the official dates for the introduction of the tax burn of Luna Classic with its cryptocurrency. Many investors are hoping to bag the token and those on the project still want to bag in more before you partake in any of these two categories.
Kindly note these dates are approved by the community
The proposed 1.2% Luna tax burn will be published in the terra classic governance system on or before September 10th, 2022.
The voting exercise will take a week by the community and if the proposal is approved (as expected) Luna burn will automatically take place on or before September 20, 2022.
Relevancy of the LUNA CLASSIC (LUNC) burn
This ascertains that this very month of September we will see a brand new LUNA burning tax applied to every transaction performed.
1.2% of all transactions will be sent to the project burn wallet.
If more people jump on the project in the coming weeks, this token burn may result in a significant reduction in the volume of LUNC in circulation.
The 1.2% tax burn will not be feasible if centralized exchanges did not support. So far, Binance and other exchanges will also support the tax burn.
About Luna Classic (LUNC)
Luna Classic has been pumping since August 26th, when the platform was finally revived after 74% of the original validators upgraded to the chains’ new V22 Code, produced by the Terra Rebels.
This upgrade, not only re-enabled staking but also contained the code for the 1.2% tax burn initiative, due to be implemented on-chain (after a rating vote) on September 20th.
Note:
This blog post is only for information purposes and not for financial advice.
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