Online broker eToro has posted a notice to its clients regarding the $LUNC and USTC tax burn.

Today, September 20th, there will be a network upgrade on Terra Classic – LUNC. In order to create a fixed supply of 10 billion $LUNC for every on-chain transaction, LUNC is implementing a tax of 1.2% (a/k/a a taxation burn), which it is requesting to be implemented across all exchanges. This tax and burn mechanism will continue until a fixed supply of 10 billion LUNC is reached.

Once the supply of LUNC is fixed at 10 billion, the mechanism will be disabled.

The tax and burn mechanism affects the operating costs associated with eToro’s offering of LUNC. Due to this, as of September 20, an operational fee of 0.6% will be added to eToro’s bid and ask prices for LUNC, on top of the standard 1% fee that is calculated when buying or selling cryptoassets on eToro.

The broker notes that cryptoasset investing is highly volatile and unregulated in the UK and some EU countries.