Dear BitForex Users,
The Terra community has passed Proposals 3568 and 4159, which will introduce a 1.2% tax burn for on-chain transactions of LUNC on the Terra Classic network. The tax parameter will be increased from its current rate of 0% to 1.2%. The tax burn will be implemented at the Terra Classic block height of 9,475,200 (approximately at 06:00 (GMT+8) on September 22, 2022).
When the tax burn is live, it will affect LUNC services on BitForex in the following way:
1. Deposits: When users deposit LUNC to BitForex, users will receive the full amount minus the on-chain burning fees.
2. Withdrawals: When users withdraw LUNC, users will receive the withdrawal amount minus BitForex processing fees and the (1.2%*2 tax charged) by the Terra Classic network. The withdrawal amount you will receive is subject to changes in processing fees.
Why do we charge the additional withdrawal fees?
When users are depositing LUNC to BitForex, they are sending their tokens to their own deposit addresses on BitForex. But this is not the entire deposit procedure. Those tokens in users’ deposit addresses will be merged into BitForex's hot wallet, It is an on-chain activity as well and will be charged another 1.2% tax by the Terra Classic protocol.
Note: LUNC/USDT trading will not be affected by the changes in the tax mechanism.
Thank you for your support!
BitForex Team
2022/09/20
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