Dear OKX Users,
The Terra community has approved Proposals 3568 and 4159, introducing a 1.2% transaction tax burn mechanism for LUNC and USTC tokens on the Terra Classic (LUNC) network. This tax parameter change from 0% to 1.2% will apply to all token types currently available on the Terra Classic blockchain, including LUNC and USTC. The burn mechanism is scheduled to activate at block height 9,475,200 on September 20, 2022.
👉 Create your OKX account now to prepare for these network changes.
Impact on Deposit and Withdrawal Services
When the tax burn mechanism goes live, OKX's Terra Classic (LUNC) network services for LUNC and USTC will be affected as follows:
Deposits
- Network will deduct 1.2% tax before funds reach OKX
- Remaining balance after tax deduction will be credited to user accounts
Withdrawals
Final received amount will reflect:
- OKX withdrawal fees
- Additional 1.2% network burn tax
- Actual received amount may vary based on these deductions
Unaffected Services
The following services will continue operating normally:
- Spot trading (LUNC/USTC)
- Margin trading
- Futures contracts
- Earn products
- All other financial services
OKX remains committed to delivering exceptional products and services as these network changes take effect.
Frequently Asked Questions
Q: When does the 1.2% tax burn mechanism begin?
A: At block height 9,475,200 on September 20, 2022.
Q: Which tokens are affected by this change?
A: All tokens on Terra Classic network, primarily LUNC and USTC.
Q: Will my existing LUNC/USTC holdings be taxed?
A: No, only transactions (deposits/withdrawals) will incur the tax.
Q: How can I minimize the tax impact?
A: Consider timing larger transactions before the mechanism activates or using OKX's internal transfer options.
OKX Team
September 16, 2022 (HKT)
👉 Stay updated with OKX's latest announcements regarding Terra Classic network changes.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Cryptocurrency investments involve risk.