Classy, the operator of one the top validator nodes on the Terra Classic network, has recently stressed the need and importance of engaging in massive LUNC burning once again. According to the crypto influencer and well-known LUNC proponent, the Terra Classic community seems to have grown cold towards the initiative, which has proven beneficial.
In a recent development, the pseudonymous validator node operator revealed that Classy’s Sphere would be burning 100% of its LUNC commissions beginning from July to the end of the year. This would culminate in the incineration of millions of LUNC tokens, the update revealed.
Read Also: Terra Classic (LUNC) Price Set for July 31 by Machine Learning Algorithm
Notably, this recommitment to the reduction of the supply of LUNC comes as Classy believes the burn expedition has been pushed to the back seat by the community. He wrote: “LUNC $1 burn narrative has been forgotten for too long. Today, I bring it back. Our LUNC validator will be burning 100% of all commission until the end of 2023.”
$LUNC $1 BURN NARRATIVE HAS BEEN FORGOTTEN FOR TOO LONG.
TODAY, I BRING IT BACK.
OUR #LUNC VALIDATOR WILL BE BURNING 100% OF ALL COMMISSION UNTIL THE END OF 2023.
We must stand STRONG together. Sometimes, SACRIFICE is needed.
Today, I sacrifice THOUSANDS in the name of… pic.twitter.com/PfDT6lWVPm
— Classy 🔮 (@ClassyCrypto_) July 9, 2023
Consequently, the top validator urged co-node operators on the Terra Classic network to re-route their focus on LUNC burning, citing that supply reduction would help push the price of the asset to the $1 region. Meanwhile, he beckoned LUNC community members to stake their tokens with the Classy’s Sphere validator, noting that more tokens staked would result in more LUNC burned.
Interestingly, several community members aligned with Classy, indicating that they will support his community validator to burn millions of LUNC tokens. However, a certain user Frank Leo stressed the need for more developments to be onboarded into the once-broken Terra Classic ecosystem if LUNC must be revitalized sustainably.
Read Also: Terraport Rugger Steals Additional 590 Million LUNC Tokens: Details
In other words, Leo implied that LUNC burning alone may not be enough to push the asset to the much-coveted $1 price point. Concurring with these viewpoints, Classy added that more layer-1 developments are necessary.
Creative initiatives definitely needed
Tokens, NFTs
All manners of burning more from a consumer standpoint
Risky though
Probably need something that relates more to L1 development
— Classy 🔮 (@ClassyCrypto_) July 9, 2023
Notably, the Terra Classic layer-1 Task Force has been quite active in the ecosystem with their latest focus being channeled on the re-peg of the failed stablecoin USTC, using some of the recommendations offered by Redline Drifter.
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