BitMart will support reducing the additional tax and fee burning mechanism of LUNC on the Terra Classic (LUNC) chain to 0.2%.
Tax Burn to 0.2% for LUNC
The Terra community has passed Proposal 5234 to reduce the on-chain transaction of LUNC on the Terra Classic (LUNC) chain from the 1.2% tax and fee burning mechanism to 0.2%.
BitMart will support an additional 0.2% tax burning mechanism on the Terra Classic (LUNC) chain.
The tax burning mechanism is expected to be activated on October 20, 2022 at 11:00 am (UTC) at the Terra Classic (LUNC) network block height 9,475,200.
After the tax burning mechanism, the deposit and withdrawal of LUNC through the Terra Classic (LUNC) network will be affected as follows:
- Deposits:
- User deposits will be taxed by the Terra Classic (LUNC) network before reaching BitMart. After deducting 0.2% tax, the balance will be credited to the user’s BitMart account;
- Withdrawal:
- The withdrawal amount received by the user will be deducted from the withdrawal fee charged by BitMart and the 0.2% tax charged by the network.
LUNC’s spot and leveraged transactions, as well as related services of BitMart’s wealth management (eg: Staking) will not be affected by this tax burning mechanism.
Please check BitMart official website or contact the customer support with regard to the latest information and more accurate details.
Please click "Introduction of BitMart", if you want to know the details and the company information of BitMart.
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April 24, 2024
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