In a bid to boost the value of LUNC, a fresh proposal has been submitted to the Terra Classic community for voting courtesy of a community member named Powski. The goal of the proposal is to ensure that over 899 million reminted LUNC tokens are removed from circulation forever.
Proposal 11582, which is in the voting stage, is a move by a notable LUNC proponent to restore trust between the Terra Classic community and Binance, the biggest crypto exchange in the world.
Recall that after Binance and other contributors burned a large chunk of LUNC tokens to contribute to the revitalization of the project, several proposals to remint a percentage of all burned LUNC tokens for the purpose of increasing the Terra Classic community spend pool emerged.
Following the passing of some of these proposals, millions of burned LUNC tokens were reminted and sent to the Terra Classic community pool for ecosystem development purposes.
Out of these reminted LUNC supplies, data showed that exactly 899,224,538.5 LUNC tokens were reminted from the funds Binance sent to the official Terra Classic burn wallet. As earlier reported, this resulted in the suspension of LUNC burns by the top crypto exchange for several months between Q4 of 2022 and Q1 of 2023.
Powski and many other community members believe that burning these voluminous reminted LUNC tokens would not only help reduce the hyperinflated supply of LUNC but would increase the trust Binance and other contributors have for the Terra Classic community. Hence, the emergence of Proposal 11582, which suggests transferring 899,224,538.5 LUNC tokens from the Community Pool to the Burn Wallet.
Governance voting on this strategic proposal is underway with community members and Terra Classic network validators expressing mixed reactions toward Powski’s submission. At the time of writing, only two validators including Classy’s Sphere validator and JESUSisLORD validator have voted “YES” on the proposal with many validators voting ‘No with veto.’
Accordingly, the Classy’s Sphere validator operator has taken to Twitter to encourage members of the Terra Classic community to support the proposal as it would enhance the overall LUNC burn expedition.
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