Between the lawsuits, delistings and tribulations Terra Luna faced this year, recent Terra Luna Classic news includes how the LUNC token is fairing in the cryptocurrency markets this year.
The Luna crypto crash was dubbed as one of the worst token crashes in crypto history. Luna was later forked to produce Luna 2.0, while the former would be addressed as Luna Classic.
Without further ado, here's the latest Luna Classic news.
Terra Luna Classic news
A new Luna 1.2% tax burn is now live on the Luna Classic network. Per the new tax burn proposal, a new tax will be implemented on all on-chain transactions of Luna Classic.
The decision of a tax burn mechanism has been taken to make LUNC deflationary and help LUNCs price gain its former momentum back.
In support of Luna Classic, Binance implemented the Luna Classic burn throughout their exchange.
In a statement from Binance:
To clarify, LUNC and USTC deposits from users’ deposit addresses into Binance hot wallets will be consolidated and subject to the 1.2% tax burn fee by Terra Classic network once the burn tax is live. We will include the 1.2% tax burn fee into the withdrawal fees for LUNC and USTC. Users will not be charged this fee until withdrawals are made.
In other Luna Classic news, nearly 6 billion LUNC tokens have been staked into the protocol since its recent V22 upgrade.
Per a local news outlet, Munhnwa Ilbo, the Seoul District Court has written an application to the Ministry of Foreign Affairs to invalidate the passports of Do Kwon and his financial officer, Han. A red notice has also been issued by Interpol to arrest Terra Luna founder Do Kwon.
- Read More: How to stake Terra Luna Classic
Terra Luna Classic updates
Dubbed LUNC V22, the V22 upgrade introduces the ability to stake LUNC tokens.
The Luna team has also recently launched a new governance alert bot on Twitter that will keep users updated about recent activities conducted on the Terra Luna network
Terra Luna Classic price
After plummeting to an all-time low of $0.000000999967 in May 2022, Luna Classic has since regained some strength.
Sitting at $0.00017581, LUNC is down 0.8% in the last 30 days at press time. The current market cap of LUNC is $1 billion with a 24-hour trading volume of $91 million.
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