The Birth of a Burning Proposal
In a bold move to resurrect the Terra Classic (LUNC), community member Edward Kim introduced a proposal for a 1.2% tax burn on every on-chain LUNC transaction. The goal? To take some of that pesky circulating supply and send it packing to a permanent dead address. Following the announcement, the LUNC token saw a remarkable surge, soaring a jaw-dropping 250%. It’s like watching a phoenix rise from… well, ashes of a blockchain crash.
Exchanges Jumping on the Bandwagon
With the buzz from the proposed burn reaching a fever pitch, crypto exchanges such as KuCoin, Gate.io, and MEXC Global decided to raise their hands in support of the burning efforts. However, the excitement was short-lived as the community responded with skepticism, believing these exchanges were merely performing public relations gymnastics.
Calls for Authentic Support
One of the loudest voices against the exchanges came from the well-known pseudonymous Terra researcher, FatMan. He called out KuCoin for their lukewarm announcement, questioning how they could claim to support a burn tax that’s already on-chain. He cheekily dubbed it a “nothingburger PR post” and tossed out a suggestion that maybe the exchanges should think about taxing their trades—after all, what’s more substantial than participating in actual trading rather than just slapping a badge of support on the website?
Responses from the Exchanges
KuCoin’s CEO, Johnny Lyu, countered the criticism by emphasizing their platform’s neutrality and commitment to the community. He assured everyone that they were merely respecting the community’s choice, not flexing their muscles. Meanwhile, Gate.io joined the conversation, claiming that they would implement the burn once the proposal passed. However, a community member swiftly shot down their statement, arguing that the burn plan wasn’t something any exchange could take credit for since it’s an on-chain action.
MEXC Global: The Only One Lighting the Fire
Unlike its counterparts, MEXC took it a step further by organizing a time-limited burning event for LUNC—an actual action to support the community. They pledged to burn the spot trading fees for LUNC/USDT during a specific window. Sounds impressive, right? Yet, even MEXC couldn’t escape community scrutiny, with a member demanding a more permanent solution for token burns.
The Last Word
The saga continues as the Terra community keeps an eye on these exchanges to see if they can walk the talk when it comes to supporting LUNC’s revival. With critics calling out half-hearted efforts and demanding more concrete actions, the landscape of crypto support remains an intriguing mix of genuine service and PR maneuvering. Will these platforms rise to the occasion or continue to be just chasing after the next flashy announcement? Stay tuned!
