Terra Classic A member of the (LUNC) community made a bid to burn hundreds of billions of tokens in the Oracle Repository. Although the proposal was of a rather unexpected nature, it also found some support. As a matter of fact, the proposal in question failed to receive the minimum deposit for voting for a week.
Proposal 11398 was published with the message “burn the community pool, it caused nothing but stress”. Offer seven days ago 255,415 LUNC Presented with initial deposit. Deposits so far have increased to 299,500 tokens, but there is still a long way to go for the minimum required deposit of 1 million tokens.
The community pool is where the Terra Classic community receives funds to fund projects and development efforts to advance the network. The release of funds is dependent on governance votes. The pool receives periodic funds from a portion of the incineration tax, specifically 10% of the 0.2% incineration tax.
The Terra Classic community pool currently has 235 billion LUNCs, representing 3.4% of the asset’s total supply. Despite the community’s efforts, the burn process recently reached 50 billion tokens. This represents only 0.7% of the total supply. The burning of 235 billion tokens will have a huge impact on the burning attempt.
Leading validator LUNC DAO made a comment in support of the proposal. However, given the radicality of the proposal, the chances of the remarks being purely sarcastic are quite high. high.
Burn it all, $LUNC to $1 pic.twitter.com/0PYtAKzA1A
NEWS CONTINUES BELOW— Penelope Picklebottom (@LUNCDAO) March 23, 2023
Past developments indicate that the proposal would not even enter the management vote, as the elimination of the pool will always be summarily rejected for various reasons. One of these reasons is that financing development efforts will present great challenges.
However, the question of whether the realization of this radical proposal would support reaching the $1 price tag is one of the most frequently asked questions in the community, but it is not possible for me to give a clear answer.
You can follow the current price action here.
Source : The Crypto Basic