LUNC Takes Over Bitcoin In Trading Volume On KuCoin, Huobi Confirms Support For Terra Classic Burns

Huobi Global Pledges Support For LUNA Classic (LUNC) 1.2% Tax Proposal, Bitcoin volume beaten By LUNC on KUcoin.

Huobi joins the list of big-name exchanges to support the LUNC tax proposal. Still, users may not be pleased with the implementation.

Huobi Global, in a tweet yesterday, announced that it would be supporting the 1.2% tax proposal by the LUNC community. 

?#Huobi Will Support 1.2% Tax Burn Proposal of #TerraClassic ( $LUNC ) Network!

➡️https://t.co/Cd15enYDgN pic.twitter.com/1L99u1E1LH

— Huobi (@HuobiGlobal) September 9, 2022

“We have learned about the 1.2% Tax Burn Proposal on the Terra Classic (LUNC) community. To ensure your transfers remain unaffected, Huobi Global will support this proposal,” Huobi wrote.

Notably, Huobi Global’s support comes on the back of the announcement by the world’s largest exchange, Binance, that it will support the initiative by the community. The pair join the likes of KuCoin, Gate.io, MEXC Global, and Y5 Crypto, who have all expressed support for the proposal.

While these are positive developments, some in the community are not impressed by how Gate.io, Binance, and Huobi have chosen to implement the 1.2% tax burn proposal. Notably, all three exchanges have refused to apply the 1.2% tax proposals to trades on the platform, restricting that tax only to deposits and withdrawals, which may discourage users from going off the exchanges and does not achieve the desired result of cutting down LUNC supply.

As Huobi highlights, the tax proposal is set to be implemented on September 13, should it receive support from Terraform Labs. However, without Terraform Labs’ support, the community plans to go ahead with the implementation around September 20. 

In anticipation of the tax burn policy, the LUNC token has continued to achieve new feats. Notably, LUNC is now the number one traded asset on KuCoin by volume surpassing Bitcoin. The trading volume currently sits over $300 million compared to about $230 million in Bitcoin

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