The worst cryptocurrency crash in history may have been the Terra-collapse LUNC in May 2022. The value of LUNA, the largest algorithmic stablecoin in the world and Terra’s native token, virtually fell to zero in a single week.
Prior to the disaster, the business was among the most successful, reaching a record high of $119.18 in April. However, the incredible ascent opened the door for a storied crash. Investors and users panicked as a result of the death spiral that followed.
The Terra community has approved a proposal that will impose a 1.2% tax burn on all on-chain transactions in an effort to revitalize LUNC.
To decrease the total supply, the LUNC will employ the Tax Burn technique. This process will continue until 10 billion LUNC are in total circulation. The total supply will thereafter remain at 10 billion until the system shuts down.
The approved proposal will take effect on September 20, 2022, or at the height of 9,475,200 Terra Classic blocks.
However, depending on the varying block times, the scheduled time for the proposal to go live may change. The deposits and withdrawals on Crypto.com will be impacted in the following ways after the tax burn is put into effect:
Deposits: The Terra Classic network will take a deduction when a user deposits LUNC to Crypto.com before crediting the user account.
Withdrawals: A 1.2% tax will be subtracted from each withdrawal before it is finished.
Crypto.com is temporarily blocking deposits and withdrawals until the network upgrade is finished in order to enable the smooth implementation of the tax burn. Once the exchange determines that the network has stabilized following the update, deposits and withdrawals will once again be accepted.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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