Terra Luna Classic (LUNA) and TerraUSD (TERRAUST) Deposits and Withdrawals reopened as Bitfinex supports Tax Burn mechanism

We are pleased to announce that Terra Luna Classic (LUNA) and TerraUSD (TERRAUST) deposits and withdrawals have resumed on Bitfinex. 

With the approval of proposals 3568 and 4195, the Terra community initially introduced a 1.2 percent Tax Burn for all on-chain transactions on the Terra Classic Network. The Tax Burn was then lowered to 0.2 percent after the approval of proposal 5234, setting aside 10 percent of the collected tax revenue to finance Terra Classic ecosystem infrastructure and contributors. Bitfinex is supportive of the Tax Burn mechanism. 

The Tax Burn mechanism aims to address Luna Classic’s supply concerns and to reduce the number of tokens to a fixed supply of 10 Billion Luna Classic. 

The 0.2 percent tax will be deducted by the Terra Classic network. As a result deposits and withdrawals will be handled on Bitfinex as per the following:

• Deposits: Your balance will be credited to your Bitfinex account after the 0.2% tax deduction
• Withdrawals: Your balance will be credited to your external wallet after the 0.2% tax deduction

After implementation, the Terra community will reassess the on-chain tax depending on how the ecosystem has changed.

Please note that there is no Tax Burn applied to trading on Bitfinex.