In Order To Focus Their Impending On-Chain Terra (LUNC) Re-Builds To Burn, KuCoin Gate.io and MEXC Global Exchanges Were Zoomed In For “Nothingburger PR” Articles

Some cryptocurrency exchanges decided it would be a good idea to show their support for the impending Terra Classic (LUNC) – formerly Terra (LUNC) – burning mechanism. But the cryptocurrency community soon reacted, criticizing trades that some people consider to be publicity gimmicks.

To resuscitate cryptocurrency, Terra community member Edward Kim proposed on September 1 to implement a 1.2% tax burn on each on-chain LUNC transaction. A portion of the circulating supply will be permanently eliminated, and transaction tax will be sent to a dead address. Following the proposal, the value of the LUNC token increased by 250% as the project’s hype began to materialize.

As a result, cryptocurrency exchanges KuCoin, Gate.io, and MEXC Global have decided to publicly support the token-burning actions of the Terra community. Some people, though, called exchanges because they didn’t like the announcements.

FatMan, a Terra researcher, called KuCoin and inquired about their support for token burning after seeing an announcement stating the exchange supported it, given that tax burning is carried out on-chain. The researcher called the statement a “nothing burger PR post” and recommended taxing legitimate craftsmen in its place.

Johnny Lyu, the CEO of the KuCoin exchange, responded to the criticism by saying that their trading platform is unbiased and customer-focused. Added Lyu “Communities’ decisions are always respected, and we are pleased to assist them as much as we can. The tax idea is no different.”

Gate.io also entered the debate by declaring that, if the plan were to be adopted, it will “implement the proposed chain burning on LUNC and USTC.” Following that, a member of the community approached Gate.io, calling their announcement fake and deceptive. The user recommended people avoid the exchange and switch to other exchanges that genuinely support the development of LUNC because on-chain implementation is outside the purview of exchanges.

Tom Yang, the marketing manager for Gate.io, offered an opinion. Yang told the news that every project listed on the trading platform, including LUNC, has a community that is tied to his transactions. The Gate.io exchange’s USTC and LUNC transactions, according to Yang, “are not on-chain activity.” On their site, the CEO stated that there will be no taxes applied to spot and futures trading.

The MEXC Global exchange staged a time-limited burning event for the LUNC coin, in contrast to other exchanges that simply support the burning with words. From September 3–17, the exchange has agreed to waive spot trading costs for LUNC/USDT. By organizing a month-long repurchase and incineration event in May to aid in the rebirth of LUNC, MEXC supported Terra’s burning initiatives. Despite their best efforts, a community member has nonetheless asked for a permanent burn from the exchange, making them the object of criticism.