The world’s largest crypto exchange Binance on Tuesday said it will support the Terra Classic network upgrade to increase the LUNC burn tax from 0.2% to 0.5% as per Proposal 11515 passed by the community.
This means Binance CEO Changpeng “CZ” Zhao agrees to raise the burn tax as LUNC price continues to dwindle with low LUNC burn rates in recent months.
Binance to Support Terra Classic Increasing Burn Tax to 0.5%
According to an official announcement on May 23, Binance will support Terra Classic upgrade burn tax to 0.5%. The Terra Classic network upgrade will happen at block height 12902400, expected today at 22:00 UTC. The current data suggest the upgrade will happen before the expected time.
Binance will suspend LUNC and USTC deposits and withdrawals through the Terra Classic (LUNC) network at 21:30 UTC. The trading activity will not get impacted during the network upgrade and users can continue to trade LUNC and USTC.
The crypto exchange will open deposits and withdrawals once the Terra Classic network stabilizes after the upgrade. Other crypto exchanges such as KuCoin have also supported Terra Classic to increase the burn tax to 0.5%.
LUNC Price To Recover Back to $0.0005?
The Terra Classic community agreed to raise the burn tax as LUNC price and burn rate continued to dwindle since the burn tax was reduced to 0.2% last year. CoinGape Media reported earlier why Binance will completely agree with raising the burn tax.
The 0.5% proposal is part of four different proposals to increase burn tax, staking rewards, whitelisting Dapps contracts, and increasing community pool funding.
LUNC price currently trades at $0.000089, up 3% in the last 24 hours as Terra Classic undergoes several crucial upgrades. The 24-hour low and high are $0.000086 and $0.000090, respectively.