The Terra community recently passed the Proposals for the 1.2% Tax parameter change (Proposal 3568 and Proposal 4159). In these proposals, the on-chain transactions on the Terra Classic network will be taxed and burned. The mechanism will be applied until the total supply is stable and equal to 10 Billion LUNC.
According to the Terra governance announcement, WOO X will review and amend the wallet service parameters, including the minimum withdrawal amount, maximum withdrawal amount, and withdrawal fees for LUNC via the Terra Classic network.
Please note that:
- The tax parameter will change from 0 to 0.012 (1.2%) and will be applied to LUNC on-chain transactions. The expected date is on September 20th at the block height of 9,475,200.
- Based on the announcement, the tax parameter change will not enforce taxes on off-chain activities.
Wallet services information:
- Deposits: Transactions will be taxed (1.2% deduction) by the Terra Classic network before credit into WOO X.
- Withdrawals: Users will receive the withdrawal amount minus withdrawal fees and the 1.2% tax deduction by the network.
For more information about the tax burn:
- Proposal for the 1.2% Tax Parameter Change
- Tax/Burn 1.2% all transactions V2
- Proposal 3568
- Proposal 4159
We will make announcements should there be any changes.
Thank you for your support!
WOO X Team