Kucoin, one of the leading cryptocurrency exchanges, announced that it would actively participate in boosting the Lunc tax burn rate. The exchange assured that it would increase the tax burn rate from 0.2% to 0.5%.
The decision to support the Terra Classic proposal came soon after the community passed Proposal 11515, which will ultimately help them to increase the tax burn of LUNC to 0.5%.
Besides the burn tax increase, three proposals aim to create and boost the adoption of LUNC using the staking process and increasing the staking rewards. The second proposal highlights increasing developer funding by increasing community pool funding.
The third point details that the community will boost the chain utility and volume by placing smart contracts in the whitelist. In March 2023, the community proposed an economic policy for Terra Classic drafted in four proposals to streamline the process.
Terraport was Terra community’s decentralized finance liquidity pool, launched on March 31, 2023. The newly launched protocol of the community was hacked just five days after its launch.
On April 10, 2023, Terraport Finance announced on Twitter that the newly launched platform of the community had faced some data breaches. Later TheCoinRepublic reported that DeFi had lost over $10 million in the data breach.
Does Crypto Enthusiast Still Believe of Terra Community?
LUNA’s collapse still holds first in the list of most disastrous events, and FTX is ranked second. The unprecedented failure of TerraUSD has eradicated the beliefs of crypto investors and gave birth to the term ‘Crypto Winters.’
Sources suggest different figures, but it is predicted that LUNA’s demise has wiped out over $60 billion of users’ funds from the market. Moreover, it is essential to note that over hundreds of thousands of people lost their life savings.
Where are the Founders of TerraUSD?
Around mid-April 2023, the co-founder of Terraform Labs, Do Kwon, was detained by police officials at Podgorica airport for using forged passports and other documents, including driving license.
Kwon was on the radar of Interpol, and in the last quarter of 2022, Interpol issued a red alert notice against the co-founder. Several media outlets claim that he constantly changed his location from one nation to another to avoid legal proceedings.
A few days after Kwon’s arrest, the second co-founder of TerraUSD was charged with fraud, including embezzlement and breaching of duty charges. Daniel Shin and Kwon founded Terraform Labs in 2018.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/19/terra-classic-community-approves-plan-to-boost-tax-burn-rate/