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Y5 Crypto Exchange to Assist Luna Classic Revival through Weekly Burns

·2 min read

London, United Kingdom--(Newsfile Corp. - August 30, 2022) -  In May 2022, the crypto industry endured one of its biggest catastrophes since inception, with the collapse of the Terra ecosystem. Consequently, the price of the Terra Luna token (now termed Luna Classic - LUNC) plummeted and the algorithmic stablecoin TerraUSD unpegged from the dollar.

Since this time, the original token has been relaunched as Luna Classic (LUNC) but has seemingly been abandoned by the original founders, leaving a huge community devastated. The efforts of the community appear to be the only potential factor that could ignite a revival of the token.

As alluded to above, the community appear to be the only potential source of a revival for the LUNC token. Furthermore, it appears essential for the circulating supply to be diluted in order to strive for a more balanced supply to demand ratio.

Y5 Crypto have recognised the opportunity to assist one of the most demoralised communities in the industry, by implementing a burn tax on LUNC transactions on their platform. Specifically, all transactions will be taxed at 1.2% which will be wholly sent to the LUNC burn wallet on a weekly basis (please note standard transaction fees on the platform will still apply and not contribute to the burn).

For those that are questioning 'why should I trade on the platform and allow 1.2% of my tokens to be burned following each transaction?', the answer is simple. Without a reduction to the circulating supply, the token stands very little chance of a revival and therefore a continuous burn mechanism is vital. Moreover, since the relaunch of the Luna Classic (LUNC) token, the average weekly low to high range has equated to approximately 65%, truly demonstrating that the asset possesses adequate volatility to trade for short / medium-term gains, regardless of the transaction tax.

Y5 Crypto launched the 'Version 1' of their trader-focused Centralised Exchange (CEX) in July 2022, which has been successfully operating since. The platform provides a seamless means of trading between different tokens across a multitude of networks, whilst offering competitive transaction fees against its peer-group. A variety of new features are under development with the sole aspiration of enhancing the user experience, including fiat on / off ramping, Trading Algorithm Builder, Token Screener and Affiliate Marketing program (allowing users to benefit from trading volume).

Brad Askew, the Founder of Y5 Crypto, commented on the listing by saying, "The aim of the Y5 Crypto Exchange is to provide the optimum service to both users and listing projects, by upholding high-quality ethical standards. Assisting the Luna community is a fantastic opportunity to extend our goodwill to the wider crypto industry".

Media Contact:
Name: Brad Askew
Email: support@y-5.finance

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135387