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Notice regarding the tax burn for LUNC transactions
Notice regarding the tax burn for LUNC transactions
Diana Prince avatar
Written by Diana Prince
Updated over a week ago

Recently, the Terra Classic community passed several proposals to introduce a 1.2% tax burn for all LUNC transactions within the Terra Classic network. The tax burn mechanism is aimed to reduce the total LUNC supply to 10 billion tokens. When it reaches 10 billion tokens, this mechanism will be disabled to make the total supply of LUNC constant.

Please note that the tax burn mechanism is already live in the Terra Classic network. At the moment of writing, LUNC transactions have been temporarily suspended on CEX.IO in order to make necessary updates and ensure the safety of users’ funds. LUNC trading has not been affected. Follow the updates on our Status page to find out when LUNC deposits and withdrawals are once again operational.

Once the maintenance is finished, LUNC transactions will be affected in the following manner:

  • When transferring LUNC to CEX.IO, transactions will be taxed by the Terra Classic network before they reach CEX.IO. Any LUNC will be credited to your CEX.IO account after the 1.2% tax deduction by the network.

  • When withdrawing LUNC from CEX.IO, users will receive a withdrawal amount minus the withdrawal fee on CEX.IO and the 1.2% tax deduction by the network.

LUNC deposits remain free of charge on CEX.IO. You can find information about our LUNC withdrawal fee on the Limits and Commissions page.

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