On October 19, Binance changed the Terra Classic Incineration Tax (LUNC). Earlier, news has appeared that the commission is 1.2%. According to new data, the value was reduced to 0.2%. The parameters set will apply to all deposits and withdrawals from the platform. However, the tax does not apply to off-chain trading fees on LUNC spot and margin trades.
Users should note that a Binance fee and a tax deduction of 0.2% are deducted from the withdrawal amount.
By lowering the commission, the Terra team plans to increase trading volume and burn rate. For example, on October 17, Binance burned over 2.5 billion Terra Classic tokens. In just 3 weeks, over 11 billion LUNCs have been destroyed..
Also, the developers plan to implement proposals to ensure transparent and efficient use of funds in the community pool.
