OKX to support tax burn for LUNC and USTC on Terra Classic network

 New Listings    |      2022-09-19

Dear OKX users,

The Terra community has passed Proposals 3568 and 4159, which will introduce a 1.2% tax burn for on-chain transactions of LUNC and USTC on Terra Classic network. The tax parameter will be increased from its current rate of 0% to 1.2%. The tax will be applied to all crypto denominations currently available on the Terra Classic network, including LUNC and USTC. The tax burn will be implemented at 10:00 pm UTC on September 21, 2022, at the Terra Classic block height of 9,475,200.
Once the tax burn is live, it will affect LUNC and USTC services on OKX in the following ways —
  • Deposits. When you deposit LUNC and USTC to OKX, you will receive the deposit amount minus the 1.2% tax charged by the Terra Classic network.
  • Withdrawals. When you withdraw LUNC and USTC, you will receive the withdrawal amount minus OKX processing fees and the 1.2% tax charged by the Terra Classic network. The withdrawal amount you will receive is subject to changes in processing fees.
Spot, margin, futures, and perpetual trading for LUNC and USTC, as well as the relevant Grow services will not be affected by this tax burn.
Please feel free to contact us in the official OKX Telegram group or via the Support Center if you have any questions.


A step-by-step guide to purchasing and selling crypto on OKX,

Step 1: Log in to your OKX account
Before you can start buying or selling cryptocurrency on OKX, you must first log in to your OKX account. If you do not yet have an account, click Sign up and complete the registration process.
Step 2: Select Buy/Sell
Once you have logged in to your OKX account, click Buy Crypto in the upper left-hand corner of the screen to get started.
Step 3: Select your purchasing method
The next step is to choose how you would like to buy or sell . There are two primary options on OKX: Express and P2P trade.

Finally, simply confirm your transaction details.

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