1.2% transaction tax burning mechanism

According to the latest proposals 3568 and 4159 passed by the Terra community, it will introduce a 1.2% transaction tax and fee burning mechanism for all token types available on the Terra Classic network, including LUNC tokens, that is: transaction taxes and fees will be replaced by the current 0 % changed to 1.2%.

The tax burning mechanism is expected to go live at 6:00 (UTC+8) on September 22, 2022 (Terra Classic network block height 9,475,200 hours).

After the tax burning mechanism takes effect, when depositing and withdrawing LUNC tokens on Bibox:

Deposit: 1.2% tax will be charged by Terra Classic network before successfully reaching the Bibox account, and the balance will be credited to the Bibox account.

Withdrawal: Due to the new tax burning mechanism of LUNC, Bibox will deduct an additional 1.2% tax on the withdrawal network.

Go to Bibox’s Official Website