New Development in Terra Classic (LUNC) Burns: Binance CEO’s Proposal Discussed!

Binance CEO CZ, Terra Classic (LUNC) Proposal 5234 is currently being discussed within the LUNC community, after proposing lower fees to increase burn rate.

Community member Akujiro proposes to reduce the incineration tax to 0.2% and set 10% to finance the Terra Classic ecosystem infrastructure and contributors.

The group behind the 1.2% tax burn and LUNC revitalization roadmap also supports proposal 5234.

Terra Classic Rebels Group Supports 5234 Proposal Aiming to Reduce 1.2 Percent Incineration Rate

Terra Rebels, the voluntary developer group behind the 1.2% tax burn proposal, is currently seeking the Terra Classic community’s opinion on the proposal. Meanwhile, Terra Rebels lead developers Edward Kim and Alex Foreshaw have expressed their support for proposal 5234.

Joint offer of 1.2 tax burning cryptocurrency developer Edward Kim announced in a tweet on October 15 that he voted “yes” to the proposal after a detailed analysis.

My thoughts on Terra Classic Proposal 5234 https://t.co/gYpPEejNHJ

— Edward Kim (@edk208) October 14, 2022

In a Medium article, he described the impact of reducing the tax to 0.2% and allocating 10% of funds to the community pool for Terra Classic chain developments.

Kim believes the community pool can be used to fund emergency funds, pull back DApps and projects into the Terra Classic chain and reimburse developers for developing the chain.

In addition, Kim revealed that he used machine learning optimization to make the decision to reduce the tax burn to 0.2%. He thinks that some projects or DApps are definitely moving away from LUNC due to the high on-chain burn tax, but most of them support this on-chain tax.

On the other hand, validators and other members seem to support the proposal, which is based on Binance CEO CZ’s advice to cut fees.

In total, more than 19 billion LUNC tokens have been burned so far.

*Not investment advice.