Terra Classic (LUNC) Rex Harrison, a member of the development group TerraCVita, shared in a tweet today that he suggested Terra Classic may need to forego its in-chain burn fee to re-engage its lost services.
In the article, the developer describes Terra Classic (LUNC) as a “Tulip” and argues it has no real value since the ecosystem collapse in May.
“Token Burns Transform Terra Classic into a Meme Token”
In addition, because of the burning fee, LUNC altcoin He also claimed that as its supply dwindles, it has turned into a kind of meme token that is held in the hope that one day its price may rise.
While the developers suggested the burn tax parameter to reinvigorate activity on the chain, Rexzy believes this parameter achieves the opposite, discouraging on-chain developers and new developers looking to develop:
“The devastated ecosystem has been largely neutered and, apart from a few dApps, no regrowth has occurred.
Not only that, exchanges struggled to maintain trading volume, and essentially this tax extinguished the fire it hoped to spark.”
However, the developer argues that there is a clear path to recovery, but for this the burning tax parameter must be sacrificed.
Seems everyone is on the LUNC medium bandwagon so thought i’d drop in a long one.
I just published LUNC is not from Amsterdam https://t.co/h7FULhuPru
— Rexyz (@RexYellerBelly) November 4, 2022
In particular, with the v23 upgrades in December, the network will reach technological parity with the LUNAv2. As a result, decentralized applications built on the new Terra chain will also be easily deployed on the Terra Classic chain.
As Rexzy explains, these DApps are encouraged to do so, as the Terra Classic chain currently hosts the consumer base that the new chain does not have.
However, he states that in order to do this, the community needs to get rid of the burning fee because these projects also need to profit from their DApps through taxes, and the burning fee can deter users.
*Not investment advice.
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