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- Leading cryptocurrency exchange, KuCoin, has announced plans to increase the tax burn rate for Terra Classic (LUNC) from 0.2% to 0.5%.
- This change is in response to the Terra Classic community’s approval of Proposal 11515 and will take effect when the Terra Classic block height reaches 12,902,399.
KuCoin Elevates LUNC Tax Burn Rate
KuCoin, one of the world’s top cryptocurrency exchanges, has disclosed its decision to amplify the tax burn rate of Terra Classic (LUNC) Network from 0.2% to a substantial 0.5%. This decision comes as a response to Proposal 11515, endorsed by the Terra Classic (LUNC) community, which advocates for an increased tax burn for the Terra Classic network.
KuCoin has stated that it will boost the tax burn of both Terra Classic (LUNC) and Terra Classic USD (USTC) tokens concurrent with the implementation of the 0.5% tax burn at the Terra Classic block height of 12,902,399.
Aligning with Economic Policies
Earlier in March, a series of four policy proposals were advanced to help align economic incentives within the Terra Classic ecosystem. One key proposal emphasized the reduction of the LUNC supply through a heightened burn tax. Following the passage of this proposal, KuCoin has now declared that it will increase the tax burn rate accordingly.
The remaining three proposals focused on various aspects of enhancing the Terra Classic network. These included augmenting the demand for LUNC via improved staking rewards, increasing funds for developers by enlarging community pool funding, and promoting chain utility and volume through the whitelisting of smart contracts.
Terra Classic Network Undergoes Update
Recently, the Terra Classic (LUNC) network saw an upgrade at the Terra Classic block height of 1,812,900, which occurred on May 17. This update activated various governance-approved features on the Terra Classic blockchain, such as a minimum initial deposit for governance proposals, Cosmos SDK v0.45.13, Tendermint v0.34.24, and mandatory security updates.
This marks the second significant release that employs the upgrade governance proposal mechanism to advance the chain. It’s worth noting that Binance, the largest crypto exchange globally, has announced its support for this upgrade. This continued evolution of the Terra Classic network indicates a promising future for LUNC and USTC token holders.
Please note that the information provided here is for informational purposes only and is not intended to serve as investment advice. Always perform your own research before making investment decisions, and only invest funds you are willing to lose.
