KuCoin to Boost LUNC Tax Burn Rate on Terra Classic: Details

Top crypto exchange KuCoin has made an important announcement regarding the LUNC tax burn rate. The exchange says it will increase the tax burn of Terra Classic (LUNC) Network from 0.2% to 0.5%.

Timeline of Terra-luna

As the cryptocurrency industry is struggling with increased regulatory pressure, many of its assets are recording modest gains at best, but Terra Classic (LUNC) is one of the few that has seen a significant decline since the year's end.

The recent announcement by Binance, one of the leading cryptocurrency exchanges, regarding its support for Terra Classic's (LUNC) network upgrade to v2.0.1 has added further excitement and price potential around the network.

Four proposals related to increasing burn tax, LUNC burn, and staking were passed by the Terra Classic community. The proposals outline key changes including raising the LUNC burn tax to 0.5%, rewarding people for staking, whitelisting Dapps contracts, and increasing community pool funding.

Terra Classic new project DFLunc, gaining popularity for its massive LUNC burn mechanism, has burned almost 2 billion LUNC tokens in two weeks. The DeFi protocol was launched in April to deflate LUNC circulating supply more rapidly by burning billions of tokens.

After denying many proposals related to raising LUNC burn and burn tax, the Terra Luna Classic community finally decided to increase the LUNC burn tax. The move came as LUNC price fell below $0.000010 last week, reaching levels of last May when TerraUSD (UST) and LUNA prices collapsed drastically.

The Proposal for v2.0.1 Upgrade submitted by Terra Classic core developer Joint L1 Task Force (L1TF) has passed the threshold limit. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra Classic chain.

It's been a year of the most dreadful events in the crypto space, wherein the Terra ecosystem collapsed, bringing the value of its token from its highs to almost zero. Since then, many efforts have been carried out to revive the ecosystem, with the creation of Terra (LUNA) being the most prominent one.

LUNC Price Analysis: Under the influence of a downsloping trendline, the LUNC price has witnessed an aggressive fall over the past three months. From the peak of $0.000208, this downfall tumbled the coin price 61.7% to hit the $0.00008 psychological support.

Terra Classic core developer Joint L1 Task Force (L1TF) submitted Proposal 11511 for governance voting to upgrade the Terra Classic network to v2.0.1. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra

Terra Luna Classic (LUNC) started a bullish momentum four days after its testnet upgrade. The asset's Twitter community believes that the current price point might be the bottom for LUNC.