Terra Classic (LUNC) Launched New Proposal For Exchanges To Implement Burns On Trading

Should exchanges implement a 1.2% tax burn?

A New Proposal Is Launched To Request That centralized exchanges (CEXes) Implement burns On Off-Chain Transactions (trading).

The LUNC community has launched a new proposal requesting that central exchanges (CEXes) implement the proposal on off-chain activity, like spot trading. While several exchanges have expressed support for the proposal, there appears to be mixed messaging, as most plan to implement it on only deposits and withdrawals. Notably, in an ask me anything (AMA) with KuCoin on Thursday, the exchange implied that it would not implement the proposal for off-chain transactions.

#BurnLUNC

1/ Governance vote to request CEX honour 1.2% tax with ‘off chain’ burns:https://t.co/qte7w8a89D

Plz share, many do not know about the vote. On gov. page click ‘show all’ (top left).

More below.

POLL: Should CEX tax 1.2% on all off chain $LUNC transactions?

— True_LUNC_Supply (@LUNC_Supply) September 16, 2022

However, the community believes that central exchanges’ support for the 1.2% tax burn proposal should include off-chain activity. It is worth noting that most LUNC activity takes place on these CEXes. Consequently, implementing the proposal on off-chain transactions will go a long way to make it more effective in burning excess LUNC supply. Notably, the community is set to join an AMA with Binance less than a week from now, with plans to bring up the tax burn.

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