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In a recent announcement, Binance, the world’s largest cryptocurrency exchange in terms of volume, has declared that it will support Terra Classic’s network upgrade as per proposal 11515, increasing the LUNC burn tax rate from 0.2% to 0.5%. This announcement implies that Binance CEO, Changpeng Zhao (CZ), has agreed to a burn tax rate increase, which is significant given the recent downward trend of LUNC prices in light of a lower LUNC burn rate.
Terra Classic’s Fuel Tax Rate Rises to 0.5 Percent
On May 23, Binance officially announced that it will support the upgrade of the Terra Classic network, raising the burn tax rate to 0.5%. This network upgrade is set to take place at block height 12902400, which is scheduled for 01:00 (local time) on May 24. Current data indicates the upgrade may occur earlier than anticipated.
Binance will temporarily suspend LUNC and USTC deposits and withdrawals on the Terra Classic network at 00:30 (local time). Trading operations will remain unaffected by the network update, and users will continue to trade LUNC and USTC seamlessly. The exchange will resume deposit and withdrawal services once the Terra Classic network stabilizes after the update.
Prior to Binance, other crypto exchanges like KuCoin had already announced their support for Terra Classic’s network upgrade, increasing the burn tax rate to 0.5%.
Can LUNC Price Rise to $0.0005?
The Terra Classic community approved the increase in the burn tax rate as the LUNC price and burn rate have continued to fall since the rate was reduced to 0.2% last year. The proposal for a new 0.5% burn tax rate is part of four different proposals aimed at increasing burn taxes, staking rewards, whitelisting decentralized application contracts, and enhancing community pool funding.
While Terra Classic is undergoing significant updates, the LUNC price is currently trading at $0.00008926, a 2.49% increase in the last 24 hours. The lowest and highest prices of the altcoin in the last 24 hours were $0.00008699 and $0.00009004, respectively.
