{"id":492303,"date":"2022-09-12T09:57:51","date_gmt":"2022-09-12T06:57:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/exchanges-criticized-for-nothingburger-pr-posts-on-upcoming-lunc-tax-burn\/"},"modified":"2022-09-12T09:57:51","modified_gmt":"2022-09-12T06:57:51","slug":"exchanges-criticized-for-nothingburger-pr-posts-on-upcoming-lunc-tax-burn","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/exchanges-criticized-for-nothingburger-pr-posts-on-upcoming-lunc-tax-burn\/","title":{"rendered":"# Exchanges criticized for &#8216;nothingburger PR&#8217; posts on upcoming LUNC tax burn"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35a026e9c13\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35a026e9c13\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/exchanges-criticized-for-nothingburger-pr-posts-on-upcoming-lunc-tax-burn\/#%E2%80%9D_Exchanges_criticized_for_%E2%80%98nothingburger_PR_posts_on_upcoming_LUNC_tax_burn_%E2%80%9C\" >&#8221; Exchanges criticized for &#8216;nothingburger PR&#8217; posts on upcoming LUNC tax burn &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Exchanges_criticized_for_%E2%80%98nothingburger_PR_posts_on_upcoming_LUNC_tax_burn_%E2%80%9C\"><\/span>&#8221; Exchanges criticized for &#8216;nothingburger PR&#8217; posts on upcoming LUNC tax burn &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvYjM1MDYwYTctYmVjYS00YTU4LTk2YmMtZDhmMmFlMGZkZTBhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-71846793>As the upcoming Terra Classic (LUNC) burning mechanism gained more hype, some crypto exchanges thought it would be a good idea to express their support. However, the crypto community quickly responded, calling out the exchanges for what some believe to be public relations stunts.\u00a0<\/p>\n<p>On Sept. 1, Terra community member Edward Kim <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/classic-agora.terra.money\/t\/proposal-for-the-1-2-tax-parameter-change\/46319\">submitted<\/a> a proposal to implement a 1.2% tax burn for every on-chain LUNC transaction in an effort to revive the crypto. The transaction tax will be sent to a dead address, removing part of the circulating supply permanently. Following the proposal, the LUNC token soared by 250%, as the hype surrounding the project showed signs of life.<\/p>\n<p>Because of this, crypto exchanges KuCoin, Gate.io and MEXC Global decided to express their support for the token-burning efforts of the Terra community. However, some were unh<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y with the announcements, calling out the exchanges.\u00a0<\/p>\n<p>After posting an announcement to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.kucoin.com\/news\/en-kucoin-will-support-the-tax-burn-proposal-of-the-terra-classic-lunc-community-20220907\">express<\/a> that the exchange is supporting the token burn, KuCoin was called out by the pseudonymous Terra researcher FatMan, asking what they are doing to support it, given that the tax burn is implemented on-chain. The researcher described the announcement as a \u201cnothingburger PR post\u201d and suggested taxing actual trades instead.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">How are you &#8220;supporting&#8221; anything here given that the burn tax will be forced on-chain? You can&#8217;t opt out of it. It applies to all deposit and withdrawal transactions. Nothingburger PR post. Taxing actual *trades* would be <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>worthy, but no big exchange is ever going to do that.<\/p>\n<p>\u2014 FatMan (@FatManTerra) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FatManTerra\/status\/1567569877279309836?ref_src=twsrc%5Etfw\">September 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nIn response to the criticism, Johnny Lyu, the CEO of KuCoin exchange, told Cointelegraph that their trading platform is neutral and people-focused. &#8220;We always respect the communities\u2019 choice and are happy to help them in the way we can. The same on the tax proposal,\u201d Lyu added.\u00a0<\/p>\n<p>Gate.io also jumped into the fray as the exchange <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gate.io\/article\/27819\/gate.io-announcement-regarding-the-terra-classic-s-1.2-tax-proposal\">announced<\/a> that it \u201cwill implement the proposed on-chain burn on LUNC and USTC\u201d after the proposal gets approved. Following this, a community member called out Gate.io, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cosmicwarrior_7\/status\/1567095597580144640\">describing<\/a> its announcement as wrong and misleading. The user <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cosmicwarrior_7\/status\/1567471101902454784\">argued<\/a> that on-chain implementation is not within the exchanges\u2019 jurisdiction and urged others to boycott the exchange and move on to other exchanges that truly support LUNC\u2019s growth.\u00a0<\/p>\n<p><strong><em>Related:\u00a0<\/em><\/strong><em><strong>Terra back from the dead? LUNA price rises 300% in September<\/strong><\/em><\/p>\n<p>Unlike the other exchanges that only seemed to support the burn with words, MEXC Global held a time-limited burning event for the LUNC token. The exchange <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MEXC_Global\/status\/1565890937443667968\">pledged<\/a> to burn the spot trading fees for LUNC\/USDT from Sept. 3 to Sept. 17. Back in May, MEXC supported Terra burning efforts by conducting a month-long buyback and burn event to support the revival of LUNC. Despite its efforts, the exchange was still unable to dodge the crosshairs of a critic as one community member <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AfriKha40303136\/status\/1566029645761355778\">demanded<\/a> a permanent burn from the exchange.\u00a0<\/p>\n<p><em>Cointelegraph reached out to Gate.io and MEXC Global but did not get a response.\u00a0<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/exchanges-criticized-for-nothingburger-pr-posts-on-upcoming-lunc-tax-burn\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Exchanges criticized for &#8216;nothingburger PR&#8217; posts on upcoming LUNC tax burn &#8220; As the upcoming Terra Classic (LUNC) burning mechanism gained more hype, some crypto exchanges thought it would be a good idea to express their support. However, the crypto community quickly responded, calling out the exchanges for what some believe to be public&#8230;<\/p>\n","protected":false},"author":1,"featured_media":492304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvYjM1MDYwYTctYmVjYS00YTU4LTk2YmMtZDhmMmFlMGZkZTBhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-492303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/492303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=492303"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/492303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/492304"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=492303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=492303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=492303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}