There has been massive LUNC staking over time in the quest to get the token revived by the community. According to the tweet shared by LUNC staking, the number of tokens staked has reached 534.29 billion LUNC.
It was recently reported by the Cryptolifedigital, that the amount of staked LUNC calmed at 528 billion which implies that the current staked LUNC has now increased by over 6 billion in the space of 72 hours.
Staking Is To Reduce The Amount Of LUNC
It is worth noting that the idea behind the staking is a means to reduce the total of 6.9 trillion and at the moment, it is good to know that the current staked LUNC represents 8.9% of LUNC’s total supply.
Following the May Terra collapse, the community has been working to revive the coin, in an attempt to get it done, part of the community chose to rename the LUNA to LUNC while some others raised the idea of creating the new token, LUNA 2.0.
1.2% Tax Burn Proposal
The LUNC community sought how to reduce the massive supply of the LUNC token, this brought the idea of the 1.2% tax burn which allows the burning of 1.2% on every transaction done with the LUNC token.
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However, the 1.2% tax burn proposal voting was conducted on the 10th of September, 2022 while the proposal goes live on the 20th of September, 2022.