Published October 19, 20221 min read

LUNC Fees Changes On Binance

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CoinMooner Team
artwork image for: Binance Fees Changes For The Terra Classic Network After Proposal 5234 Passes

News about LUNC & USTC trading fees on Binance

Proposal 5234 has been past after the community vote. This proposal will reduce the tax fees for on-chain transactions for LUNC and USTC from the current 1.2% to 0.2%. The change will take effect on 19-10-2022. 12:50 UTC, as mentioned in the latest Binance Announcement.

What is proposal 5234?

“This proposal aims to signal to CEXs and other on-chain users that we would like to keep the tax, while using its revenue efficiently by funding the costs associated with development, the LCD endpoint, and costs related to contributions for past-and-present contributors, either individuals or organizations”. Proposal 5234 plan is to lower the tax rate to 0.2% and set aside 10% of tax revenue to finance the ecosystem infrastructure and contributors. For the full post about the newly implemented proposal, visit Proposal 5234.

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