CoinSpot will be supporting the Terra Classic Network's proposed on-chain tax burn. The Terra community has passed proposals #3568 and #4159, which will introduce a 1.2% burn for any Terra Luna Classic (LUNC) & TerraClassicUSD (USTC) transactions that interact with the Terra Network. As this initiative is occurring on-chain, it will not affect the trading of LUNC & USTC on CoinSpot. As voted by the Terra community, the proposed 1.2% tax burn will be a deflationary mechanism to help stabilise the Terra Network. It is slated to come into effect at Terra Classic Block Height of 9,475,200.
UPDATE: Due to the recent proposal passed by the LUNC community, Proposal #5234 has been passed to lower the tax burn rate from 1.2% to 0.2%. Refer to Updates below.
What is in this article?
The Changes
Coin Sending & Receiving
Coin Withdrawals for Terra Luna Classic (LUNC) & TerraClassicUSD (USTC):
- Withdrawals will incur a standard Transaction Fee charged by CoinSpot and an additional 1.2% tax burn charged by the network.
- The Transaction Fee for sending LUNC & USTC to an external wallet can be located in the LUNC sending wallets page and USTC sending wallets page.
Coin Deposits for Terra Luna Classic (LUNC) & TerraClassicUSD (USTC):
- Deposits will be taxed 1.2% by the Terra Classic Network before reaching CoinSpot. The balance will be allocated to the user's account after the 1.2% tax burn has been applied by the Terra Classic Network.
Trading & CoinSpot Earn
Trading for Terra Luna Classic (LUNC) & TerraClassicUSD (USTC):
- The proposed 1.2% tax burn will not impact buying, selling and swapping of assets.
CoinSpot Earn orders for Terra Luna Classic (LUNC):
- The proposed 1.2% tax burn will not impact coins placed into the CoinSpot Earn Program.
Resources
For further information, please refer to the following links below.
Update
Due to the recent proposal passed by the LUNC community, Proposal #5234 has been passed to lower the tax burn rate from 1.2% to 0.2%. This change will take effect immediately at epoch 98 or approximately 19th October 2022 at 11:50am (AEST).
The following changes will be followed:
Coin Sending & Receiving
Coin Withdrawals for Terra Luna Classic (LUNC) & TerraClassicUSD (USTC):
- Withdrawals will incur a standard Transaction Fee charged by CoinSpot and the 1.2% tax burn will be reduced to 0.2% which will be charged by the network.
- The Transaction Fee for sending LUNC & USTC to an external wallet can be located in the LUNC sending wallets page and USTC sending wallets page.
Coin Deposits for Terra Luna Classic (LUNC) & TerraClassicUSD (USTC):
- Tax Burn via deposits will be reduced from 1.2% to 0.2% by the Terra Classic Network before reaching CoinSpot. The balance will be allocated to the user's account after the 0.2% tax burn has been applied by the Terra Classic Network.
For further information on Proposal #5234, please refer to the link below.
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.
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