The Terra community has passed Proposals 3568 and 4159, which will introduce a 1.2% tax burn for on-chain transactions of LUNC and USTC on Terra Classic network. AAX will review and amend the minimum withdrawal amount, maximum withdrawal amount and withdrawal fees for LUNC and USTC via Terra Classic network.
In accordance with Terra governance, these proposals are being created to change the tax parameter from its current value of 0 to 0.012 (1.2%). The tax will be applied to all currency denominations currently available on-chain, including LUNC and USTC.
1. The tax burn is expected to go live on 2022-09-20 at the Terra Classic block height of 9,475,200 after the proposal is submitted. Once the tax burn is online, deposits and withdrawals of LUNC and USTC via the Terra Classic network will be affected in the following manner:
Deposits: Transactions will be taxed by the Terra Classic network before it reaches AAX. The balance will be credited to your AAX account after the 1.2% tax deduction by the network.
Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by AAX and the 1.2% tax deduction by the network.
2. Spot and Margin trading for LUNC and USTC, as well as relevant services on AAX Staking, AAX Savings, will not be affected by this tax burn.
If you have any questions, please feel free to contact our official customer service. Thank you for your support of AAX!
September 15, 2022
Risk notice: Digital currency deals are risky. Please pay serious attention to your trading and purchase with care. AAX is not responsible for your loss due to any behavior of your trading.
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