After garnering the required votes, a major proposal has just passed in the KuCoin network. The proposal aimed at raising Terra Classic LUNC burns tax to 0.5%. Following the positive results, KuCoin declared increasing the LUNC network burn rate from 0.2% to the proposed 0.5%. LUNC Network Burn Tax Spikes On KuCoin KuCoin took to Twitter to announce the increase in the burn tax. In its announcement, KuCoin stated that it would facilitate the Terra Classic LUNC and TerraClassicUSD (USTC) increase on its platform following the burn tax activation. Related Reading: Shiba Inu Falls Below Critical Support, Is It Time For You To Buy? Notably, the activation will occur at the designated Terrra Classic block height of 12,902,399 and take effect on May 23. Once activated, KuCoin will pay users more for transactions involving the two crypto assets, LUNC and USTC. Apart from the increased payments, the burn rate tax will reduce LUNC supply. But there’s still a downside to the increased burn rate tax as it will reduce the trading volume. This is why many exchanges rejected such propos ..
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