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Exchanges have started implementing the Terra classic 1.2% tax burn update.
Leading cryptocurrency exchange Bitrue has announced that it has completed the 1.2% tax burn update for Terra Classic tokens Luna Classic (LUNC) and UST Classic (USTC).
The initiative’s implementation prompted the exchange to suspend deposits and withdrawals of LUNC and USTC for hours. However, LUNC deposits and withdrawals were resumed after completing the necessary update.
“Bitrue has completed the tax burn update of LUNC & USTC. Deposits and withdrawals for Terra Classic Network are back online now,” the exchange said in a statement today.
Update: The tax burn update of $LUNC and $USTC has been completed. Deposits and withdrawals for Terra Classic Network are back online now.
Full details regarding the burn fee: https://t.co/LlWLZ2uc7m— Bitrue (@BitrueOfficial) September 27, 2022
Following the implementation of the tax burn update for Terra Classic tokens, all LUNC and USTC deposits will incur a 1.2% tax, which will be deducted by the network before it arrives at the exchange.
For withdrawals, Bitrue said it would first deduct the 1.2% plus its fees from the LUNC and USTC withdrawal amount before the transaction is completed.
Bitrue LUNC Staking
Bitrue also announced LUNC staking with 4% APY.
Earn up to 4% APY with #LUNC staking at Bitrue!
Join below to start earning today 👇https://t.co/rXC7OrrOi0#LUNC #luncstaking #LUNCcommunity pic.twitter.com/02iMScQE5a
— Bitrue (@BitrueOfficial) September 27, 2022
Terra Community 1.2% Tax Burn Proposal
The development comes almost two weeks after Bitrue declared that it would support the Terra community proposal to levy a 1.2% tax for all LUNC and USTC on-chain transactions.
The Terra community 1.2% tax burn proposal is considered the perfect way by LUNC and USTC holders to revive the tokens from the dust.
As reported last week, the proposal was implemented on the network, with exchanges urged to make the necessary updates.
Binance Also Implements LUNC 1.2% Tax Burn
Ever since several exchanges have implemented the proposal on their platforms as a way of helping victims of the Terra ecosystem collapse get fully compensated.
Earlier today, Binance, the world’s largest exchange by 24-hours trading volume, said it has also executed the 1.2% tax burn for LUNC and USTC deposit and withdrawal.
Binance’s announcement comes after the exchange noted that it would burn LUNC fees on spot and margin trading pairs starting from September 26, 2022.