Dear CoinEx users,
According to Proposals 3568 and 4159 passed by the Terra community, a 1.2% tax burn mechanism is expected to go live at the Terra Classic block height of 9,475,200 (approximately on Sep 21, 2022 at 06:00 UTC). To ensure users' deposit and withdrawal experience, CoinEx will support the tax burn mechanism, and the details are as follows.
Tokens Adopting the 1.2% Tax Burn
LUNC, USTC
Service Changes
1. Deposit
When depositing the above tokens to CoinEx, 1.2% tax fee will be collected by the Terra Classic Network before your deposit is credited to CoinEx. Meanwhile, to cover the normalized cost, an additional 1.2% tax fee will be charged after your deposit is credited to CoinEx. Therefore, your actual credited amount will be 97.61% of your depositing amount.
2. Withdrawal
When withdrawing the above tokens from CoinEx, the withdrawal fee will be charged by CoinEx, and then a 1.2% tax fee will be collected by the Terra Classic Network.
For More Info
What Is Deflationary Token
Proposal for the 1.2% Tax Parameter Change
Proposal 3568
Proposal 4159
Risk Reminder
Crypto products are innovative investment products with large price fluctuations as well as high investment risks. Therefore, please evaluate and invest wisely based on your risk tolerance and financial resources.
CoinEx reserves the right in its sole discretion to amend, change or cancel this announcement at any time and for any reason without prior notice.
CoinEx Team
Sep 20, 2022