Recently, the Terra Luna Classic community voted to introduce a burn mechanism, which was formalized after the passing of governance proposal 3569 and 4159.
As a result, LUNC protocol will introduce a 1.2% tax Burn on all on-chain transactions (inlcudes web/wallet contract interactions) within the Terra Classic ecosystem. This tax Burn will continue until the total supply of LUNC reaches 10 billion (as of writing, total supply of LUNC is c.6.9 trillion).
In addition to Binance, Huobi, and many other exchanges, XGo has also confirmed their support of the tax burn of Terra Luna Classic.
The Tax Burn is anticipated to go live on 20th September 2022, once the block height reaches 9,475,200. After the tax burn mechanism is live, deposits and withdrawals of LUNC across all CeFi and DeFi platforms, XGo have confirmed they will be adding the following changes to stay consistent to the upgrade:
- Deposits: Taxed by the Terra Classic network before it reaches XGo. Account balance will be credited after the 1.2% tax network deduction.
- Withdrawals: Will receive the withdrawal amount minus XGo withdrawal fees (2.4%+ a flat rate) and the 1.2% tax deduction by the network. To withdraw 100 LUNC, you will need to pay 102.4 plus the flat rate, and you will receive 98.8.
XGo will temporarily suspend all LUNC deposits and withdrawals during the network upgrade to ensure safety of our user’s funds. We appreciate your cooperation and understanding for this inconvenience.
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