The LUNC community has passed Proposal 5234, which will reduce the tax burn for on-chain transactions of LUNC and USTC on Terra Classic network from 1.2% to 0.2%. The change will take effect at epoch 98, or approximately at 12:50 am UTC on Oct 19, 2022.
As such, OKX will make the following updates to the deposit and withdrawal fees for LUNC and USTC on Terra Classic network once the new tax burn mechanism is live.
- Deposits: When you deposit LUNC and USTC to OKX, your deposit amount will only be reduced by the 0.2% tax charged by the Terra Classic network, instead of 1.2%.
- Withdrawals: When you withdraw LUNC and USTC, you will receive the withdrawal amount minus OKX processing fees and the 0.2% tax charged by the Terra Classic network, reduced from 1.2%. The withdrawal amount you will receive is subject to changes in processing fees.
- LUNC and USTC deposits and withdrawals will be temporarily closed and are expected to resume at 14:00 am UTC on Oct 20, 2022.
Spot, margin, futures, and perpetual trading for LUNC and USTC, as well as the relevant Grow services will not be affected by this tax burn.