thecryptobasic.com
Terra Classic community gets ready to implement tax burn.
In a new update, Terra wallet, Terra Station, has included a tax rate feature in support of the 1.2% tax rate burn proposal.
When writing, the tax rate is set at 0.00%. Still, it is expected to change to 1.2% in 7 days following the implementation of the 1.2% tax parameter change. It bears mentioning that the implementation date of September 20 has been confirmed following TerraForm Labs (TFL) approval and is less than eight days away.
While the idea of a 1.2% tax rate burn came up in June, the LUNA Classic (LUNC) community started a massive push for the tax rate at the beginning of this month, following a more comprehensive proposal by community member Edward Kim. The tax rate, when implemented, will see users pay a 1.2% tax on all on-chain transactions, with the collected tax sent to the Terra burn wallet. It is a proposal to cut down on the 6.9 trillion LUNC supply.
So far, the community has received support from several central exchanges that have pledged to implement the tax rate in their own way. Notably, the community has expressed dissatisfaction with the refusal of Gate.io and Binance to implement the 1.2% tax rate on spot trading activity, restricting it to only withdrawals and deposits. However, in light of this, Binance has said it would review its implementation plan.
The traction garnered by the tax rate proposal has created renewed excitement and demand, awakening dreams of a $1 price point for the Terra Classic tokens. Consequently, LUNC has surged by over 200% in the past month, ranking among the top 30 crypto projects by market cap from 206.
As highlighted by The Crypto Basic in its latest report, it will take some doing and maybe some years for the $1 dream to be achievable. However, the LUNC community shows no sign of slowing down. LUNC is trading at the $0.0003677 price point, 4.71% down in the last 24 hours.