Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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%.
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%.
#KuCoin Will Support to Increase the Tax Burn of Terra Classic (LUNC) Network from 0.2% to 0.5%
— KuCoin (@kucoincom) May 18, 2023
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.
Tomiwabold OlajideThis 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.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin