- Terra Classic USTC observes a 12% rise in value in 24 hours.
- The hike comes after low tax burn rates get approved.
- USTC trading volume increased by 180%.
The Terra Classic USTC suddenly experienced a 12% increase in value in just 24 hours, trading at $0.042 on October 20. While most cryptocurrencies are currently suffering a loss, USTC’s trading volume observed a 180% rise in 24 hours, according to CoinMarketCap.
Although the exact reason behind the hike remains a mystery yet, rumours has it that it was followed by proposal 5234 getting approved by the Terra Classic community. The proposition lowers the burn tax rate from 1.2% to 0.2%, while allocating an additional 10% tax revenue for ecosystem contributors and infrastructure.
The new tax rate became active on October 19 with epoch 98 after 82% of the voters, made of 83% of the community, voted in favour of the proposal.
In addition, leading cryptocurrency exchange Binance expressed support for the fresh tax rate while announcing deposit and withdrawal fee updates for LUNC and USTC on the Terra Classic network.
Moreover, Binance also implemented a reduction in consolidation fees for all LUNC and USTC deposits received by the crypto exchange from 1.2% to 0.2%. Users are also liable for the withdrawal amount after subtracting the withdrawal fees charged by Binance.
According to the results published by Binance for its third batch burn, LUNC tokens worth $659,300.76, or 2,500,382,131.16 LUNC were forwarded to the burn address. Later, Terra Classic LUNC was up by $0.00025.
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