- Burning more than 18 billion altcoins so far Terra Classic (LUNC) community is striving to revive the collapsed network through a series of burns.
Since the collapse of the Terra ecosystem, various suggestions have been made on how to carry out the revival of LUNC tokens.
To that end, 1.2 tax burn proposals were proposed, supported, and passed a community vote. As we reported earlier, top exchanges like Binance have implemented the burn tax proposal to support the LUNC rescue efforts.
Despite the implementation and the success so far, some members of the Terra Classic community feel that the 1.2% tax is not enough to bring about the LUNC revival.
New Combustion Suggestion from Terra Rebel
Terra Rebel, a group of developers overseeing the growth and development of the Terra Classic network, has devised a new way to effectively burn a bunch of LUNC supplies. introduced.
He said he was in talks with Demon Monkey 777, one of his partners committed to building Terra Rebel LUNC, to find a new way to burn more Terra Classics.
Terra Rebel said that a new way to burn LUNC tokens is to create utilities for LUNC, where various decentralized applications (dApps) will compete to burn more Luna Classics. According to the group, this will cause more LUNCs to be burned.
“We both “personally” agree that a more effective way to burn the LUNC mountain is to build competing dApps to burn the most LUNC instead of an on-chain tax, as Binance has voluntarily done.”
Terra Classic (LUNC) Community Answers
As expected, some community members have shown their support for the proposal, while others think it may not bring a positive outcome to the Terra Classic (LUNC) ecosystem.
In response to Terra Rebel’s new proposal, LUNC Burn (the platform that reports on LUNC burns) stated that there is no certainty that dApps will be ready to compete to burn the largest supply of LUNC. Thus, LUNC Burn concluded that the most effective way is to stick to the 1.2% tax burn rate. Otherwise, Binance, which voluntarily burns LUNC tokens, may cut its support.
So far, more than 18 billion Terra Luna Classic tokens have been burned out of the token’s total supply. However, given the huge supply of altcoins of over 6.9 trillion, it looks like current burn efforts will be difficult to revive LUNC in the short term.
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