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LUNA Tax Burn Now Supported by Bitfinex: Details

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Thu, 27/10/2022 - 14:31
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.

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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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