BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Kucoin Still Not Supporting Lunc Burn as per Proposal; Volume Dropped to 7% From 11% In a Month

BlockNews Team by BlockNews Team
October 7, 2022
in Business, Crypto, Media
Reading Time: 3 mins read
A A
Kucoin-LUNC
1
SHARES
19
VIEWS
Share on TwitterShare on Reddit

As per the new 1.2% burn proposal, taxes will be charged and burned for on-chain activities, including transfers of LUNC between wallets and smart contracts.

You might also like

Shiba Inu Price Tanks 7% In 24 hours Amid Allegations That Shibarium Code Was Copied From Another Blockchain

Around The Block – MAR 17 Week in News

Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa

The idea is to carry out a 1.2% token tax burn on all transactions to transform LUNC into a deflationary asset. However, KuCoin is still not supporting $LUNC burns, and its volume has dropped to 7% from 11% in the last month.

What is Terra Classic ($LUNC)

$LUNC is the native token of Terra Classic and is used for paying fees, staking and governance. 

Terra Classic, rebranded from Terra, is a public blockchain based on Tendermint and is the mother to the algorithmic stablecoin, TerraClassicUSD (USTC) when $UST de-pegged from USD in May this year, the Terra Classic community decided to create a new blockchain without algorithmic stablecoins called Terra 2.0.

The new LUNA tokens were airdropped to old users affected by the depeg event.

What is ‘Burning’?

Fees are “burned” by sending LUNC to a Luna Classic “burn wallet.” This makes the funds inaccessible to users and reduces the coin’s supply in circulation. Binance, on September 26, introduced this mechanism to improve the trading experience after the LUNC community proposed the idea.

Bitcoin announced that the LUNC burns would not affect LUNC sport and margin trading fees. The exchange caps trading fee rates at 0.1%. The burn began on September 21, and according to Binance, nearly 5.6 billion LUNC tokens (approximately $1.8 million) were sent to a burn address.

Most LUNC Traders Rejected LUNC Burning 

$LUNC burn, an unofficial Twitter account tracking LUNC burn activity, gained a considerable following shortly. The community described the proposal as crazy and “out of touch.”

According to them, the proposal is a step backward, considering burn initiatives that have already been implemented.

This plan from @4lex_4sh4w_TR to get us $Lunc investors to fund the creation of a new stable coin (even tho he’s not actually calling it a stable coin) is the most craziest out of touch with the community I’ve heard so far. Why on earth should we the $Lunc investors pay for this

— LUNC Burn (@LunaBurn_13) October 4, 2022
Via @LunaBurn_13 – Twitter

Another $LUNC community member claimed the news was dishonest and a PR stunt to get viral engagement.

This is dishonest marketing to get viral engagement from the $LUNC community

Anyone can put out a press release

That’s ~1 billion dollars + price of $LUNC can change massively

Weird that people RT this stuff before they’ve even burned a single $LUNC or other proof. Gullible/10 https://t.co/1KkP0GuPb4

— 🕊🔥𝕃𝕌ℕℂ 𝔻𝔸𝕆🔥🕊 (@LUNCDAO) October 4, 2022
Via @LUNCDAO – Twitter

KuCoin had said that its services related to LUNC would remain unaffected if the community rejected the proposal.

“KuCoin will support the 1.2% tax burn when the proposal is officially approved and implemented on Terra Classic (LUNC) mainnet. Services on KuCoin will remain unchanged if the community does not approve the proposal,” they wrote on their website.

$LUNC Burning Fails

Binance originally wanted to burn up to $1.8 million worth of LUNC tokens. At this time, trading volume and speculative attention around LUNC had spiked.

Shortly after the announcement, Luna Classic’s market capitalization increased by about $1 billion. This meant that the $2 million tokens that were burned were insignificant.

$LUNC Founder Wanted

While others boo the $LUNC coin, hoping it will fall to zero, co-founder Kwon is a wanted man.

Kwon is on Interpol’s red notice list after falling afoul of South Korean capital market laws. He is currently facing class-action lawsuits in both South Korea and the US.

Tags: cryptoKucoinLUNC
TweetShareShare

Recommended For You

Shiba Inu Price Tanks 7% In 24 hours Amid Allegations That Shibarium Code Was Copied From Another Blockchain

by BlockNews Team
March 20, 2023
0
shiba inu crypto

Shiba Inu saw its price drop fall by 7% amid allegations that the code used in the Shibarium blockchain was stolen. Members of the Shiba Inu Discord community...

Read more

Around The Block – MAR 17 Week in News

by BlockNews Team
March 17, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 13....

Read more

Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa

by BlockNews Team
March 17, 2023
0
Africa web3

Cassava Network's v3 aims to build a bridge between Web2 African users and the Web3 space. Cassava Network partners with UniPass, a non-custodial wallet to onboard more African...

Read more

UAE Announces Free Zone for Digital and Virtual Asset Firms

by BlockNews Team
March 17, 2023
0
RAK DAO UAE

Emirate Ras Al Khaimah will launch a free zone for companies in the digital and virtual crypto sectors The RAK Digital Assets Oasis platform is made for the...

Read more

California Governor Failed to Disclose Personal Ties to Silicon Valley Bank $SIVB While Lobbying for a Bailout

by BlockNews Team
March 17, 2023
0
california governor

Governor Gavin Newsom of California hid his personal connections to Silicon Valley Bank from the general public as he advocated for the bank’s rescue with the White House...

Read more
Next Post
Binance-Kazakhstan

Just In: Binance Gets Permanent Regulatory Approval To Operate In Kazakhstan

Related News

Core Scientific

Crypto Miner Core Scientific Will Pursue What Celsius Mining Owes

October 13, 2022
ECCB building

St. Maarten Government Moves to Legalize TRON-based Crypto

January 25, 2023
Bitmex-Logo-On-Phone

Crypto exchange BitMex Fires 30% of its Staff

November 2, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Shiba Inu Price Tanks 7% In 24 hours Amid Allegations That Shibarium Code Was Copied From Another Blockchain March 20, 2023
  • Around The Block – MAR 17 Week in News March 17, 2023
  • Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa March 17, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?