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 2022-10-19 12:50 (UTC).
As such, Binance 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: Binance will reduce the 1.2% consolidation fee for all LUNC and USTC deposits received by Binance to 0.2%. Please note that LUNC and USTC deposits to Binance are still subject to the withdrawal fees charged by other exchanges or platforms, where applicable.
- Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 0.2% tax burn.
For More Information:
- Update on Deposit and Withdrawal Fees for LUNC and USTC on Terra Classic (LUNC) Network (2022-09-27)
- Proposal 5234
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