Walking together instead of walking alone;
Y5 Crypto intends to do its part to make crypto a better space for everyone.
To accomplish this, they have now listed Luna Classic (LUNC) on the Y5 Crypto Tokenomics CEX with a 1.2% burn.
From the Y5 Crypto team:
“Every buy and sell transaction made on the platform will be taxed 1.2%, which will be wholly sent to the LUNC Burn wallet (proof provided). Without a successful burn system, the token is beyond any chance of a revival. This process will inevitable be replicated by other exchanges in the industry and there are also plans for this to happen ‘on-chain’.”
In terms of motives behind this implementation, the team believes that this act aligns with the teams’ aspirations to ‘clean-up’ the crypto industry while providing support to a demoralized community.
With regards to the reception of the 1.2% tax, the team believes that the volatility of the asset still allows for the token to be traded profitable despite the tax. Since the start of June, the token has an average low-to-high weekly trading range of c.98%.
About Y5 Crypto
The Y5 Crypto Centralized Exchange was launched on July 25th 2022, with plans to introduce several key features in the coming weeks including fiat on/off ramping as well as wallet insurance for investors. As mentioned by Brad Askew, the Founder of Y5 Crypto, “The Y5 Crypto Exchange aims to provide a modern, secure, and user-friendly platform to allow efficient trading of crypto assets, built upon high-quality, ethical standards. An array of tools are under development and will be implemented in the near future to allow users to optimise trading decisions. Furthermore, we will nurture listing projects throughout the entire lifespan of their collaboration with Y5 Crypto. The exchange will be tailored to delivering a superior service for users and project partners.”
For more on Y5 Crypto including links to their centralized and decentralized exchanges, please visit their website.