Terra Classic (LUNC) Transfers on Binance (BNB) to be Taxed. When?
Chinese crypto journalist and insider Colin Wu noticed that Binance (BNB), a top cryptocurrency ecosystem, is getting closer to imposing taxes on LUNC transactions.
Binance (BNB) imposes 1.2% incineration tax in two steps
Mr. Wu took to Twitter to share that cryptocurrency exchange Binance (BNB) has confirmed its decision to implement a 1.2% token burn rate on every trade.
The major upgrade will be implemented in two steps. First, the amount of LUNC tokens stored in "opt-in" ("confirming") accounts will only be applied to "opt-in" traders.
Then, when the limit of the LUNC share stored by the participation account reaches 50%, the tax will be applied to all LUNC transfers for Binance (BNB) users.
Therefore, very soon Binance (BNB) could become the largest crypto exchange to adopt LUNC transfer taxation.
What is the LUNC burning tax and why does Terra Classic need it?
The imposition of a 1.2% tax on LUNC and USTC trading and transfers, as previously covered by cryptoify.blogspot.com, has accelerated interest in the Terra-backed stablecoin and native crypto asset.
An "incineration tax" was implemented to deflate the LUNC token and avoid dangerous pumps and dumps. This makes Terra Classic's (LUNC) tokenomics more predictable.
Terra Classic (LUNC) and TerraClassicUSD (USTC) are two assets released on the canonical Terra (LUNA) blockchain after its collapse.
Source: u.today
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