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

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Thu, 18/05/2023 - 16:35
KuCoin to Boost LUNC Tax Burn Rate on Terra Classic: Details
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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%.

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The move follows after the Terra Classic (LUNC) community passed Proposal 11515, which will increase the tax burn of the Terra Classic (LUNC) network to 0.5%.

Therefore, KuCoin says it will support increasing the tax burn of Terra Classic (LUNC) and Terra Classic USD (USTC) tokens when the 0.5% tax burn goes live at the Terra Classic block height of 12,902,399.

In March, an economic policy was proposed for Terra Classic in a set of four proposals to align incentives.

One of the proposals highlighted a focus on reducing the LUNC supply via the burn tax.

As a result, it was proposed that the burn tax be increased to 0.5%. Now that this proposal has passed, KuCoin has announced it will increase the tax burn rate as well.

The other three proposals include increasing LUNC's demand via staking by enhancing staking rewards, increasing developer funding by increasing community pool funding and increasing chain utility and volume by whitelisting smart contracts.

Terra Classic network receives new upgrade

The Terra Classic (LUNC) network upgrade saw a recent upgrade at the Terra Classic block height of 1,812,900, on May 17.

The update enabled governance-approved features on the Terra Classic blockchain, including a minimum initial deposit for governance proposals, Cosmos SDK v0.45.13, Tendermint v0.34.24 and mandatory security updates.

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This is the second major release that will utilize the upgrade governance proposal mechanism to upgrade the chain. Binance, the biggest crypto exchange, announced support for the upgrade.

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