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 #11515 has been passed to lower the tax burn rate from 1.2% to 0.5%. 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
Trading for Terra Luna Classic (LUNC) & TerraClassicUSD (USTC):
- The proposed 1.2% tax burn will not impact buying, selling and swapping of assets
Resources
For further information, please refer to the following links below.
Update - Oct 24 2022
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.
Update - May 24 2023
Due to the recent proposal passed by the LUNC community, Proposal #11515 has been passed to increase the tax burn rate from 0.2% to 0.5%.
The burn goes live at the Terra Classic block height of 12,902,400.
For further information on Proposal #11515, 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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