The Terra Classic community is voting to raise their LUNC burn again. The decisions that came out of this had previously had an impact on the altcoin price. It is the community’s biggest hope that Binance will support LUNC burns again after the increase.
The Terra Classic community is in critical process
The Terra Luna Classic community has rejected recent offers regarding LUNC burns. In the latter case, voting is used to raise token burn rates. This move came just as the LUNC price slumped below $0.0000010 last week. LUNC price is back to May 2022 levels, where TerraUSD (UST) and LUNA prices bottomed out sharply in the last dip.
Meanwhile, some Terra Classic members have hinted at proposals coming in June to bring the LUNC burn rate back to the initial 1.2% level. However, the community will need to convince Binance CEO “CZ” before making these decisions, as Binance has warned of canceling the LUNC burn mechanism.
Terra Classic community votes to increase altcoin burn rate to 0.5%
Proposal 11515 “Increase incineration rate to 0.5%” is now open for voting. The proposal aims to inform the community to focus on reducing the supply of LUNC by increasing the burn rate, as they have done to increase demand for LUNC through staking.
The proposal has so far received 77% yes, 20% no and 3% veto votes. A few days left to cross the majority and the threshold. By the way, here is the effect of previous offers on price:
Additionally, the largest Terra validators have decided to support increasing the burn rate to 0.5%. Of the 28 validators who voted, 17 support the proposal. 6 of them oppose and 5 of them abstained.
Binance may support altcoin burns again
Some key figures from the Terra Classic community are suggesting that token burn rates be fixed to the initial 1.2%. Binance can support this practice as the reason the LUNC spot and margin trading fees contribution was reduced to 50% was never due to the burn rate, but since Proposal #10983 is intended to fund the community pool from the burn tax.
Binance previously suspended the Terra Classic (LUNC) burning mechanism until March 2023. Also, LUNC has reduced the rate of tokens it burns from trading fees from 100% to 50%. As a result, with the latest bid, Binance is expected to increase the overall LUNC burn rate again. Meanwhile, a new project burned 1.5 billion LUNC tokens in two weeks. This figure is relatively larger than the 1.2 billion LUNC Binance burned in a month.
LUNC price is currently trading at $0.00008861, down 1.69% in the last 24 hours. cryptocoin.com As we have reported, it remained one of the favorite coins of Turkish investors in the first quarter of 2023.
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