Terra Classic (LUNC) community is taking steps to revive the network that has suffered through a series of burns.
The team striving for a LUNC revival has a supply of 6.9 trillion LUNCs that must be reduced by incineration. In fact, the plan for a remarkable recovery is to reduce this huge circulating supply. The said plan Binance It is driven by the implementation of a 1.2% tax burn by major exchanges such as
New Combustion Proposal from the Terra Classic Community
Koinfinans.com As we have reported, the newly introduced mechanism is called CEO burn. The initiative in question was posted on Twitter by a Terra Classic community validator known as the LUNC DAO. introduced. LUNC DAO urged 95,342 followers of the account it calls CEO to send at least $1 worth of LUNC to their unused wallet.
According to the LUNC DAO, there are 95,342 CEOs in the Terra Classic community. If they burn $1 worth of LUNC each, they can collectively burn 333.7 MILLION LUNC tokens; this is a very simple way to reduce the circulating supply of your token. The LUNC DAO thus challenged the overflowing CEOs of the Terra Classic community to do whatever it takes to make the recovery happen sooner than expected. LUNC DAO shared:
“I just thought… #CEOBURN.
1 dollar = 3500 LUNC.
We have 95,342 CEOs
If every CEO burns 3500 LUNC; In this way, 333.7 MILLION LUNCs are burned.
LET’S SEE WHAT THE 95.342 CEOs of LUNC DAO CAN DO.”
Altcoin Burn Initiative Has Worked
Within a few hours, the proposed simple incineration attempt had already worked. Unidentified CEOs sent 3,500 LUNC tokens to the dead wallet shared by the LUNC DAO in the same thread.
Besides, the number of Luna Classic tokens burned from the total supply has exceeded 14 billion, and Binance is leading the ongoing burning initiative for the cryptocurrency.
As you can see, the community behind LUNC is trying to do its best for the altcoin.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.