Updates on Tax Burn for LUNC on Terra Classic (LUNC) Network

Tax burn for on-chain transactions of LUNC on Terra Classic network reduced from 1.2% to 0.2%

On 20 September 2022, Crypto.com announced that we will be supporting the Tax Burn for LUNC on Terra Classic (LUNC) Network which will introduce a 1.2% tax burn for all on-chain transactions of LUNC on Terra Classic network. The LUNC community has just passed Proposal 5234, which will reduce the tax burn for on-chain transactions of LUNC on Terra Classic network from 1.2% to 0.2%. The change took effect at epoch 98, or yesterday at 19 October 2022, 12:50 UTC.

As a result, Crypto.com will make the following changes to the deposit and withdrawal fees for LUNC on Terra Classic network once the new tax burn mechanism is live:

• Deposits: Crypto.com will apply the 0.2% tax deduction for all LUNC deposits received by Crypto.com. Please note that LUNC deposits to Crypto.com 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 Crypto.com and the 0.2% tax deduction by the network.

Kindly refer to status.crypto.com for all the latest updates.

We thank our users for their support and understanding.