LUNC Community has finally passed Proposal 5234, which involves the reform and innovation of reducing the transaction tax burden of LUNC and USTC's franchise in Terra Classic network.
One in 75% of the network voted in favor of the proposal, and the tax burning rate will be reduced from 1.2% to 0.2%. According to the official announcement of Binance, this change will take effect today.
Once a new tax burning system is released, Binance will also upgrade the deposit and withdrawal costs of LUNC and USTC on Terra Classic network.
If it is a deposit, Binance will reduce the 1.2% sharing fee of all LUNC and USTC deposits to 0.2%. However, if available, all the deposits from LUNC and USTC to Binance must pay the standard withdrawal expenses of other websites.
The amount received by the customer is undoubtedly the withdrawal amount minus the withdrawal fee and 0.2% tax imposed by Binance.
Akujiro suggested reducing tax costs, because the network voted for it, which will lead to a part of the proceeds to support the Terra Classic blockchain infrastructure maintenance blockchain technology team.
Because the collection rate is relatively low, the VIP expects to attract more franchise customers, which will result in more turnover and the number of times the combustion tax is implemented.
Because of this proposal, CEX and other holders outside the chain can obtain the profits from the sales on the chain. Only by building an ecosystem can we maintain the operating costs on the chain. In such an ecosystem, higher requirements can achieve success and fewer and fewer penalties will be imposed.