On CoinMarketCap, Terra Luna has outperformed other cryptocurrencies by gaining over 240% in seven days. Old Terra ClassicUSD (USTC) has surged by more than 102%, and Terra Classic Lunc advanced nearly 82% in these seven days.
These three tokens are the top-performing cryptos on CoinMarketCap in the latest week. Terra Luna is now the 58th largest cryptocurrency, while Classic Lunc is the 29th cryptocurrency.
In the last 24 hours, Luna climbed over 4.5% and is trading at $6.12, while ClassicLunc surged nearly 2% and is performing near $0.0004406. However, USTC has declined by over 7%.
Terra's 1.2% tax burn proposal is for on-chain transactions of LUNC and USTC on the Terra Classic network. These proposals are being developed to change the tax parameter from its current value of 0 to 0.012 (1.2%).
Crypto exchanges Huobi, BTCEX MEXC Global, Kucoin, and Gate.io have announced their support to Terra's tax burn. However, the world's largest crypto exchange in terms of trading volumes, Binance has decided to not apply for Classic's tax burn plan.
As per the Terra governance, the 1.2% tax will be applicable on all currency denominations currently available on-chain, including LUNC and USTC.
Further, Terra's 1.2% tax burn goes live on September 20 at the Terra Classic block height of 9,475,200 after the proposal is submitted.
After the collapse of USTC and old LUNA, in May this year, Terraform Labs co-founder Do Kwon launched Terra 2.0, under which, the original Terra chain has been rebranded as Terra Classic. While a new chain called Luna was created with the existing name Terra and made available for trading.
Talking about Terra's performance, Rajagopal Menon, Vice President, WazirX highlighted that recently Terra Luna Classic has gone from 10,000 points per coin to 12,500 points per coin. In May, the buzz was about why Terra Luna Classic was falling, whether it would ever be re-pegged and whether it would ever be able to stabilise the UST again. Then the debate slowly shifted to Terra Luna Classic vs Terra Luna 2.0, which one's going to be better.
Menon added, "Now, the sentiment in the community has always been "Let's build up Terra Luna Classic, let's rebuild this community, "We are the LUNAtics, We are Strong".
