Coin Gabbar Token

Community members targeted KuCoin, Gate.io, and MEXC Global for expressing support for the forthcoming on-chain LUNC transaction burn.Some cryptocurrency exchanges decided it would be a good idea to show their support for the impending<a href="https://www.coingabbar.com/en/crypto-currency/terra-luna-lunc-prices-usd" rel="noopener noreferrer nofollow"> Terra Classic (LUNC)</a> burning mechanism as it became more and more popular. However, the bitcoin community swiftly reacted, denouncing the exchanges for what some perceived as publicity stunts.In an effort to revive the cryptocurrency, Edward Kim, a member of the Terra community, proposed on September 1 to impose a 1.2% tax burn for each on-chain LUNC transaction. The delivery of the transaction tax to a dead address will result in the permanent removal of a portion of the circulating supply. The LUNC token’s value surged by 250% after the proposal as the project’s excitement started to materialise. As a result, the Terra community’s efforts to burn tokens were decided to be openly supported by the cryptocurrency exchanges KuCoin, Gate.io, and MEXC Global. However, several stated their disapproval of the words and the conversations.The Terra researcher using by the alias FatMan questioned KuCoin about what they were doing to assist the token burn given that the tax burn was implemented on-chain after issuing a notice to that effect. The researcher called the declaration “nothingburger PR post” and advocated taxing actual commerce in its instead.Johnny Lyu, the CEO of KuCoin exchange, responded to the criticism by saying that their trading platform is unbiased and people-focused. In regards to the tax suggestion, Lyu continued, “We always respect the communities’ choice and are delighted to assist them in any manner we can.A community member called out Gate.io, describing its announcement as wrong and misleading, arguing that on-chain implementation is not within the exchanges’ jurisdiction and urged others to boycott the exchange and go on to more interactions that genuinely aid LUNC’s development. Gate.io also entered the fray, declaring that it “will implement the proposed on-chain burn on LUNC and USTC” after the proposal gets approved.MEXC Global organised a time-limited burning event for the LUNC coin, in contrast to other exchanges that simply seemed to support the burn verbally. From September 3 through September 17, the exchange promised to burn the spot trading commissions for<a href="https://www.coingabbar.com/en/crypto-currency/terrausd-ustc-prices-usd" rel="noopener noreferrer nofollow"> LUNC/USDT.</a> In order to support LUNC’s revival, MEXC held a month-long repurchase and burn event in May. This aided Terra’s burning initiatives. Despite its best efforts, the transaction was unable to avoid a critic who demanded that it be burnt permanently.

Exchanges are slammed for their nothingburger PR regarding LUNC tax burn

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