The world’s largest cryptocurrency exchange Binanceafter the crash in May Terra Classic made new announcements for the Terra Classic network tokens, which have been renamed as
In Binance’s announcement, T.erra Classic network tokens LUNC and USTCannounced that the proposal numbered 5234, which reduces the tax burning rate for on-chain transactions, has been approved.
With this accepted offer LUNC and USTC’Reduced the tax burn rate for on-chain transactions from 1.2% to 0.2%.
Binancestated that the change in tax burning rates will come into effect on October 19, 2022 at 12:50 UTC.
“Binance will be making some updates to deposit and withdrawal fees for LUNC and USTC on the Terra Classic network once the new tax burning mechanism goes live.
The 1.2% tax burning fee will be reduced to 0.2% for all LUNC and USTC deposits received by Binance.
In terms of withdrawals, users will receive the withdrawal amount after deducting the withdrawal fees charged by Binance and the 0.2% tax burn.”
Update on Deposit and Withdrawal Fees for $LUNC and $USTC on Terra Classic (LUNC) Network (2022-10-19).https://t.co/4OvUlzcIiA
— Binance (@binance) October 19, 2022
Binance, which provides LUNC support, tokens on the Terra Classic network in early September Terra Classic (LUNC) and TerraClassicUSD (USTC) announced that it supports the 1.2% tax burning mechanism for
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