Thank you very much for your dedication and contribution to restoring Terra Classic by deflationary pressure on LUNC and UST. Hoping your ideas and work are accepted and implemented.
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it would be great if an NFT developer could comment on this
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In my opinion, we strongly need binance to binance off chainâs tax
Because USTC should be burned more than LUNC
I think It 's related with economic issues for ustc repeg 's plan in near futures
Unless we donât have binance to binance off chainâs tax,
Major transactions which have tax implement will still only sent USTC from staking LUNC reward to sell in off chain
( It 's not the same way that LUNC is the only one which can delegate on chain)
Thank you for your consideration
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Your tax rate is reasonable. There is no problem that does not work in the system. Lunc network is already the most secure network in the world. I need to start burning as soon as possible.
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I donât understand in what way this proposal is different from proposal 3568. The community already agreed on taxes for on-chain activity. And as I can see from the github the tax is already built in by repurposing the old ist stability tax. Why do we need this proposal?
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Great work!
I think delegate and undelegate to validators must be taxed.
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Yes! Fully supported by lunc community
fully appropriate you DR Edward
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As our main purpose for 1.2 % burn tax is to reduce the supply and I recommend to have 1.2 % burn tax on staking rewards as well.
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Great work as always @ek826
The beautiful thing about this proposal is it shows progress. If it doesnât work we can change it.
In the future if we change it, I propose a Volume based sliding scale from 0% to 1.2% maximum tax burn.
This will allow the best of both worlds and Iâm sure it should be relatively easy to implement/code
A bit like the Validators commission, LUNC is a community driven project. The end goal is to reduce supply to 10b coinsâŚ
But as Iâve said, most people will hold on to their coins so liquidity is going to become a problem. I for one have set a target in my head before Iâd consider selling my coins. So if no one is buying or selling then the tax burn wonât be happening to get to that magic number.
I believe there should be a âTerra Rebel Coinâ mirroring Bitcoins supply 23 million but PoS
Used to build the community - offering seed funds for projects 50% of the initial 25% coins to hit the market at Private sale.
The other 25% to be used to buy back and burn LUNC to get to 10b
25% to help repeg USTC and maintain peg
Once weâve reached 10b LUNC the 25% will be allocated to USTC so having 50% of the new coin to support the USTC
LFG had the right idea but the cost of acquisition of coins was too high
If we create our own âBitcoinâ this will attract VC money and those who missed out on BTC first time round will FOMO in
$100 per coin, 23 year project⌠USTC will have enough $$ protecting its peg it will stand up to the sort of attacks we saw in MayâŚ
Although I understand the sentiments of tax burn. It isnât a long term solution as anyone with any brain will be holding on to their bags of LUNC until at least $1 is hit
Do Kwon made the mistake of creating another blockchain rather than another coin.
Terra Rebels shouldnât make the same mistake.
If you want VC money to start pumping then you need to think bigger 
Sincerely
RBB786.ETH
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Thank you EK826! As allways a plesure to see your work.
I think there could be some changes to this.
From the burn tax of 1.2% . 0.2% should go to Terra treasure wallet to fund up for further development and payment for the one like you that helps this project come alive again.
Staking rewards should be taxed too IMO.
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@ek826 you mention that (Bridge have already been discontinued) that is true only for shatle, we still have the wormhole bridge that is working fine, and I assume that is going to be impacted by change.
That is currently only way to connect Terra Classic to other chains that is not via Cex, also what about the IBC transactions they are going to be taxed as well ?
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As I think LUNC is the best-decentralized community and driven by the people who love LUNC, the 1.2% tax is less than expected. Shortly people will vote to increase this tax for anyone who wants to be a member of LUNC Community.
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Awesome job! Fully support it. We need to press the CEXes into the burn game.
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Thank you for all the hard work. It would be nice to have some examples of how this would work.
When doing a swap will it tax the offer amount, ask amount or both?
When using astroport or terraswap router contracts, will it tax every step in the route or just a single tax for the tx?
Thank you!
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Indeed. Terra is the greatest NFT ecosystem (just the 2 cents from a true NFT lover).
It would be a real waste to destroy this crypto part!
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module can be updated in the future as we like apparently, its just a matter of respecting 3568
my suggestion in future updates would be
UST 1,2% module:
50% burn
50% buy Luna2 has a reserve/collateral
LUNC 1,2% module:
increase to 1,3% where 0.1% goes to community pool to be used for development
0.2% to community pool to fund overall ; Teams doing work for Classic/dapps/reserve/infrastructure/etc
1% still burning (big supply to burn)
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Letâs get this thing going. I believe that Binance will play ball once it has been running on chain. Worst comes to the worst and CEXâs donât implement, which drives volume off chain, then the tax can be reversed at a later date.
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amazing work ek826! burn concept is essential right now for many reasons and majority of the community already supports this including CZ binance we shouldnât forget he was one of the first to suggest it. The parameters can always be amended and voted on again at a later date if needed once supply is reduced back to pre crash levels
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First of all a massive thank you to everyone for all the work put in this amazing attempt to save Luna Classic.
I fully support the 1.2% burn tax. Even if the trading volume slows down the price will still increase, reaching everyoneâs selling target. So we will still âforcedâ to sell and burn our tax. 1.2% is not massive, almost everyone is okay to pay higher taxes to CEX for fiat deposits and withdrawals and even higher taxes on Defi swaps.
Adding the burn tax will show the community will is respected and implemented.
Once again thank you @ek826 and everyone involved
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First and foremost, a million thanks to you and your team Sir
Please my little opinion here is that, the tax need to be apply to swapping $LUNC to USTC and vise versa
Thanks
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