After Do Kwon and Terraform Labs refused to yield to the community calls to burn LUNA instead of creating a whole new Chain, all seemed to be calm, until now. It so happens that not everyone was happy with Terraform’s game plan of not burning the tokens.
A week ago, a team of developers has come up with a seemingly perfect solution of their own – launching a community-based DEX with the basic aim of burning lots of LUNC (Luna Classic). For maximum effect, the platform will be called “Burning DEX.”
As of then, there are currently close to 7 trillion LUNC tokens minted. The Terra community then (now TerraClassic) was always in favor of burning the excess minted tokens rather than creating a new chain. As the LUNC & USDTC prices are highly dependent on the number of tokens in circulation, the need of squeezing the tokens in circulation became mandatory.
However, in a recent update, the community has passed the Tax or Burn 1.2% proposal for TerraClassic, LUNC. As stated by the proposal, for every buys/sells transaction, 1.2% of LUNC coins will be burnt until the supply reaches the 10 billion mark. The 1.2% got over 80% votes from the community. But then, another proposal has been brought up to further burn 50% of all LUNC transaction fees. The late burning proposal is quite different from the first one, which is aimed at the transaction and the 50% burning is on the transaction fees.
The proposal states:
“Distribute 50% transaction fees to the community pool (35% to be burned via monthly community pool proposals; 10% airdropped to ecosystem devs, 5% retained for core Terra Classic development) and increase ‘Base Proposer’ and ‘Bonus Proposer’ reward from 0.01 and 0.04 to 0.03 and 0.12 respectively.”
Present Voting Records
The ongoing voting has given the new proposal records of 93.2%, with 77.4 million LUNA committed in support from the voters. Nearly 6.4% do not with 5.2 million LUNA, and about 0.3% voted against the proposal, with 245,751 LUNA. All hands are still on deck as the deadline for the voting is Wednesday the 15th.
Luna Classic’s price today is US$0.00007878, with a 24-hour trading volume of $436.27 M. LUNC is +15.06% in the last 24 hours.