Nikolas Sargeant
The Terra Classic (LUNC) community has unveiled a new “Reverse Charge” tax mechanism, aimed at simplifying transaction taxes by automatically deducting them from the transaction amount before funds are transferred to the recipient’s wallet. This update streamlines tax processes, removes double taxation on smart contract transactions, and makes Terra Classic more accessible to developers building decentralized applications (dApps) from other blockchains.
The new tax model also allows backward compatibility, giving developers the option to continue using the previous system if preferred. This flexibility is expected to attract more dApps to the Terra Classic network and support its continued growth.
Binance Completes 27th LUNC Burn, Removing Over 1 Billion Tokens
In related news, Binance has completed its 27th burn of Terra Luna Classic (LUNC) tokens, removing 1.048 billion LUNC from circulation on November 1. This burn, which includes 5.2 million LUNC in tax costs, is part of Binance’s monthly LUNC burn program. To date, Binance has burned nearly 66.66 billion LUNC tokens, significantly reducing the circulating supply and contributing to price recovery.
Following the latest burn, the LUNC price rose by 4.78%, reflecting growing investor confidence. In total, the Terra Classic community has burned almost 137 billion LUNC tokens, with hopes for further burns as Terraform Labs' bankruptcy proceedings unfold.
About Binance
Binance is a leading global cryptocurrency exchange, known for its comprehensive range of trading services. The platform has been a major supporter of the Terra Classic community, particularly through its ongoing LUNC token burn program. Binance was an important forcein stabilizing the cryptocurrency market following the crash of LUNC and also that of FTX. Read more about this major player in our full Binance review.
