Proposal for the 1.2% Tax Parameter Change

Again for the benefit of people waking up in Asia-Pacific now -
The “Parameter change for the 1.2% tax and burn” proposal has already PASSED with referral number #4661. Please ignore other scam proposals.

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TFL just confirmed they are reviewing the PR. Thank you!

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@ek826 just a thought. Perhaps the proposal should reflect the extra work for CEXs.

Maybe the burn on exchanges should be 1.0% and 0.2% for the exchange for the extra work involved in implementing the tax.

This may help Binance to implement.

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And you’ll have LUNC and USTC de-listed in a while.

All serious exchange don’t accept off chain taxes.

Here people investing in LUNC and UST without knowledge that offchain taxes (spot trading and futures) inside exchange will never be supported and has nothing to do with onchain taxes, which is the proposal itself.

In first instance they proposed to whitelist whole exchange wallets, now they propose to tax them at all… make peace of sense or everything will get rekt here!

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@ek826 Are we still planning to honour the original supply goal from proposal 3568 (to burn until 10 billion supply is reached), or has the plans changed now? What is the end supply goal that LUNC should reach?

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Let’s slay this FUD burn dragon:

  • PR 4350 Repudiate the 1.2 burn tax Failed w/ about 98% NO
  • PR 4661 PC for the 1.2% tax and burn passed w/ about a 99% YES

MEXC CEX Proof of Concept shows an outstanding acceptance to the burn TAX at the CEX level with over 150M+ burned in five days.

Validator LUNC DAO ranks 4th in voting power at a 6% commission! They burn their yield.

Soon the CEXs will adopt burn policies and look to compete against each other. It will become part of an industry standard.

If you still have doubts about LUNC, and our path to success, please join the other doubters here >> LUNA V2

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From your point #1. When you say Binance " is expected to implement the tax off-chain once the on-chain tax is enabled.", is that an expectation from the public or expectation from Binance folks themselves?

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I was only referring to the public support they have shown to the burn idea.

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Hi ,

I’m a little lost about all the rules

I would like to hold My $LUNC.Actually it’s on Binance
Could i transfert it and hold it on Terra Station Wallet ??

Yes you can move them on-chain to a terra station wallet.
If you’re doing that I would recommend staking your coins with a LUNC classic validator so you “multiply” them :wink:

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Ok thank you for your advise :+1:

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在燃燒之前提出這樣決定是在阻止燃燒或者在拖延時間嗎

I know this proposal has already passed. Been thinking about the off-chain tax. Although CEXs are technically out of scope for this proposal they are affected by defacto given some CEXs have expressed interest in implementing the tax, in addition to community lobbying.
Solving for double tax and wallet whitelisting is perhaps a more serious issue than envisaged i.e:

  • Someone buying on a CEX subject to 1.2 off-chain and wants to stake on Terra is subject to 2.4%. (CEX buy + send to Terra).
  • 2.4% could be deemed excessive by CEXs. Could be the difference between a CEX implementing off-chain or not.

Solving double tax is problematic. It either requires too much work for CEXs, too much work for TR or too much collab. Solutions and challenges:

  • CEXs can apply for wallet whitelisting. Possible logistics and code maintenance nightmare.
  • CEXs could refund off-chain tax to holders when they send to Terra. A nightmare for CEXs.

A potential solution:

  • We amend 1.2 to something lower eg 0.6
  • We simply ask CEXs to implement another 0.6 off-chain 0.6 if they wish. If they do, great. If they don’t, oh well.
  • It means holders wanting to stake or send elsewhere after a CEX buy will only be subject to 1.2.

Pros:

  • No upkeep for CEXs or TR. CEXs can manage the off-chain tax how they wish.

Cons:

  • CEXs who do not implement 0.6 means possible reduction in burn for LUNC. However, a lower on-chain tax may be better anyway relative to other considerations discussed previously (main one being on-chain activity). Therefore a lower on-chain tax plus a lower off-chain voluntary tax could be optimal.
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thanks for your work. I think 1.2% is too high. it is not so easy to win 1.2% in a trade. for example, if a trader makes a profit of 5% which is a very good trade, he doesnt’t want to be taxed of about 25% of his profit. I think a rate of 0.1% is acceptable.

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I don’t agree with your idea, you must know that 1.2% is the biggest driving force for the rise and it is lasting! Without 1.2%, there is no biggest upward momentum, so what is the role of investment?

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Finally, the code for station was completly fixed. Now we are waiting for mobile APP and station extension :slight_smile:

No problem, when problems will occur you can just undo right? Small bugs are acceptable.

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Like this proposal is meaning when i send cex to terrra station 2,000,000,000 lunc. Systemm will take commission from me auto 1.2%. this is 24,000,000 lunc?

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and back to send cex again 1.2 is meaning 24M. %2.4 lmo

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4793 | Text proposal

Voting

LUNC community statement to All Exchanges regarding 1.2% burn tax on off chain, on exchange transactions. V2

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