The Terra LUNA classic (LUNC) community recently passed proposal 5234 which aims to reduce the tax burn for on-chain transactions for the LUNC token and is meant to be stablecoin USTC on Terra classic network. The Tax burn will be decreased from 1.2% to 0.2%.
Binance, the world’s largest crypto exchange became one of the first platforms to implement this LUNC tax burn proposal. However, now other exchanges are now following Binance’s lead.
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2022-10-20T15:00:00+5:30
OKX To Support LUNC and USTC Reduced Tax Rate
OKX, a Seychelles-based cryptocurrency exchange announced that it will support the reduced tax rate. It mentioned that the transfer tax will be reduced to 0.2% on the platform. The users will be able to receive more LUNC on their transfers.
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2022-10-20T14:00:00+5:30
LUNC Community Pass Proposal 5234
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%. Binance will reduce the 1.2% consolidation fee for all LUNC and USTC deposits to 0.2%.
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