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LUNA Tax Burn Now Supported by Bitfinex: Details

Thu, 10/27/2022 - 14:31
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Yuri Molchan
Bitfinex has resumed operations for depositing and withdrawing LUNA, beginning to support LUNA tax burn system
LUNA Tax Burn Now Supported by Bitfinex: Details
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In a recently published tweet, major crypto trading platform Bitfinex spread the word that it had resumed accepting deposits and making withdrawals of Terra Luna Classic (LUNA) and stablecoin TerraUSD.

This was done after the platform began supporting LUNA network tax burn mechanism. After the necessary proposals were approved, the community of Terra implemented a 1.2 tax burn, which will be utilized on all transactions on the Terra Classic network.

After that, the tax burn was cut down to only 0.2% from 1.2%. This will allow setting aside 10% of the collected tax revenue to provide financial support for Terra ecosystem contributors and its infrastructure.

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This mechanism of Terra Classic tax burn will enable the community to cut down the fixed supply of Luna Classic — 10 billion coins, thus making the coin more scarce and giving it higher potential to rise in the future.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at