The Terra community has passed Proposals 3568 and 4159, which will introduce a 1.2% tax burn for on-chain transactions of LUNC on Terra Classic network.

In accordance with Terra governance, this proposal is being created to change the tax parameter from its current value of 0 to 0.012 (1.2%). The tax would be applied to all currency denominations currently available on chain.

• 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 live, deposits and withdrawals of LUNC 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 Poloniex. The balance will be credited to your Poloniex account after the 1.2% tax deduction by the network.
  • Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Poloniex and the 1.2% tax deduction by the network.
• Spot trading for LUNC will not be affected by this tax burn.

For More Information:

• Proposal for the 1.2% Tax Parameter Change

Thanks for your continued use of Poloniex!

September 9, 2022