The Terra Classic (ticker LUNA) tax burn, is a mechanism used for every transaction made on the LUNA blockchain. The reason why the Luna community has done this was to reduce the supply of LUNA that was minted during the supply blowup last year and this way also try to restore/increase the price
What does this mean for me?
When you deposit LUNA to Bitvavo from an external wallet, you already pay 0.5% on top of that transaction in addition to the network fee before their deposit is received by Bitvavo. Bitvavo has no control of this as it happens on the Terra Classic blockchain and the specifics also depend on the external wallet they are using.
When withdrawing your LUNA from Bitvavo you will pay an extra 0.5% tax burn on the amount of LUNA you are withdrawing to your wallet. You will pay the tax burn amount in addition to the regular Terra Classic network fee expressed in LUNA. Note that tax burn is enforced and automatically collected by Terra Classic blockchain and is not something which is decided by Bitvavo.
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- Perché i prelievi di una valuta digitale sono temporaneamente disabilitati?