Terra Classic (LUNC) Initiates Successful Network Upgrade, Burning 59 Billion Coins in First Few Days

Increase in "Burn Tax" Spurs Massive Coin Reduction, Aims to Revitalize Terra Classic Ecosystem

A major network upgrade for Terra Classic (LUNC) has been successfully completed, whereby the tax rate for “burning” coins has been changed from 0.2% to 0.5%.

- Advertisement -

Already in the first few days of the new “burn” rates, the amount of LUNC that has been taken out of circulation has increased. In total, 59 billion LUNCs have been destroyed, or 0.86% of the total amount of coins.

The upgrade took place at the height of the Terra Classic block 12,902,400 or chronologically on May 23, at approximately 10:00 p.m. (UTC).

Leading cryptocurrency exchanges, such as Binance and Kucoin, have already announced their support for the upgrade.

Upgrades to Terra Classic’s network have been quite frequent lately, in an effort by its community to bring it back to the levels it was at before its total collapse.

In May 2022, the Terra Classic ecosystem collapsed after its algorithmic stablecoin, UST, lost its peg to the US dollar.

Why the tax hike proposal passed

One of the main reasons why “Proposition 11515” to increase the “burn tax” passed is that the community sees it as a conservative increase that will not discourage investors and traders.

- Advertisement -

The main goal of the proposal is to reduce the amount of LUNC, which will make the Blockchain more attractive, and in case its usage increases, then the price of LUNC will go up as the amount of coins decreases.

The community’s goal is to reduce the amount of LUNC to 10 billion, down from the 6.791 trillion it is today.

READ ALSO

Previous Articles:

- Advertisement -

Latest News

Solo Bitcoin Miner Strikes Block, Earns $373K Amid Rising Difficulty

A solo Bitcoin miner earned $372,773 by mining block 907283 on Saturday.The block contained...

Coinbase Base App Rebrand Sparks Zora Token and SocialFi Surge

Coinbase rebranded its Wallet to the Base App on July 16, sparking a surge...

Solana Holds $177 Support as ETF Delays Weigh, Eyes $205 Rebound

Solana (SOL) saw its price fall by 3.2% this week after a strong rise...

Astronomer Turns Viral CEO Kiss Cam Scandal Into Data-Driven Win

Astronomer, a data infrastructure company, faced a viral public incident involving its CEO and...

Japan’s Crypto Bottleneck: Regulation, Not Taxes, Drives Talent Out

Regulatory approval delays are causing crypto startups to leave Japan.A proposed 20% flat tax...

Must Read

Top 7 BEST Crypto Trading Bots for Beginners

QUICK NAVIGATIONQuick Look: Top 3 Best Crypto Trading BotsWhat Exactly is a Crypto Trading Bot?How I Chose These Trading BotsTop 7 Crypto Trading Bots...