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Excitement across the crypto community reaches another level as the long awaited 1.2% Terra Classic [LUNC] A tax burn protocol was implemented. The new protocol was successfully implemented on September 21 with a block height of 9,475,200.
1.2% #lunch Successful on-chain implementation of Taxburn
This is just the beginning of a long journey #lunch #LuncArmy #LuncBurn #LuncCommunity #LunaClassicCommunity pic.twitter.com/gMwYTrVjdU
Lunch Barn Community (@KingAnu53015481) September 22, 2022
This is a major development of the LUNC ecosystem as it will help LUNC get more value in the long run. According to the original plan, this new tax burn mechanism is expected to last until the total supply of LUNC reaches 10 billion.
This is not all. There is an extra layer of meat to this story as LUNC continues to enjoy strong support from multiple cryptocurrency trading platforms. With all these developments in the community, can we expect brighter days for the token in the coming days?
LUNC MORE POWERFUL THAN EVER
KuCoin, a well-known cryptocurrency exchange, recently announced that it will support a 1.2% tax burden and launch withdrawal services on its mainnet Terra Classic. Tax will be enabled on KuCoin once his LUNC token withdrawal service on mainnet becomes available. Interestingly, there are no fees for users who deposit LUNC and USTC tokens into KuCoin.
In an official statement, KuCoin said:
KuCoin Launches Mainnet Withdrawal Service Terra Classic Tokens will be issued on September 21, 2022 (UTC) at 13:00:00.
Additionally, another cryptocurrency trading platform, eToro, has also revealed that it plans to support the burn protocol, sparking excitement within the community.
Massive Massive #lunch news @eToro We just announced that we support . $LUNC 1.2% tax off-chain.
First major CEX to officially support #lunch Permanently!
Spread the message with likes and retweets! is coming! pic.twitter.com/Y35KMPxDp3
Luna C Whale (@TerraclassicHQ) September 21, 2022
long journey ahead
Developments around LUNC look very promising, but it has a long way to go to regain its former position. However, LUNC has definitely passed some short-term milestones that give investors hope for a brighter future for the token.
According to Lunar Crush, LUNC not only posted a significant rise last month, but also recently entered the list of top 10 coins by social mention on September 21st.
Top 10 coins by social mention
#bitcoin #ETH Sol #BTCI #lunch
#lunch #Luna Classic #LuncArmy #LuncBurn #LuncCommunity #LunaClassicCommunity pic.twitter.com/y61WVXhks8
Lunch Barn Community (@KingAnu53015481) September 22, 2022
However, despite these positive developments, lunch‘s price did not react immediately as it recorded negative 24-hour growth.
At the time of writing, LUNC is trading at $0.0002831 and has a market cap of $1,741,334,410. So what the tax burn actually brings is a question only time will answer.
Source: CoinMarketCap
