The LUNC Burn has made it known point blank that the LUNC are completely owned and is being assisted by the TerraRebels. And then it reiterated that it has no association with Terraform Labs Founder, Do Kwon.
LUNC Burn has revealed via four different Twitter threads that Do Kwon is working 100% on LUNA 2.0 and does nothing to improve the LUNC token.
LUNC Burn stated that it has been TerraRebels who worked on the return of staking alongside coding the burn and implementing it.
Do Kwon Once Said He Has Nothing To Do With LUNC Burn
Also, the same TerraRebel are working presently to open the IBC channel and re-peg USTC. It said this recalling the previous Do Kwon’s tweet, saying that anyone taking the leadership of Terra classic should be able to gain conceptual without my help.
LUNC Journey So Far
The LUNC is undoubtedly revived as various exchanges have submitted to support its Burning proposal. It is worth noting that the coin came as a result of the terrific May Terra collapse which lead to a multi-million funds loss.
Following this period, the Terra community split into two, one part set about forming another token, LUNA 2.0 while others vow to the cliff to the existing token but renamed it to LUNC, Terra classic.
Since then LUNC community has been working tirelessly to revive the token without the impact of Do Kwon, the founder of Terraform Labs. The LUNC vowed to reduce the total supply of the LUNC from the whooping 6.9 trillion to about 40 billion. In this view, the LUNATICs designed a 1.2% tax burn proposal which states that 1.2% of every transaction will be burnt to hasten the reduction.
Following this, various exchanges have been showing the hands of support for the proposal, as of yesterday, nine different exchanges have unveiled their support for the tax burn proposal.
The LUNC 1.2% burn proposal is slated to go live on September 20th, 2022.