It took just a few days back in May 2022 for Terra Classic (LUNC) to descend steeply on the market chart to fractions of a dollar. It has now taken the embattled digital token more than a year to reclaim $1, let alone achieve full recovery.
In the course of recovery, lots of proposals have been launched and approved, but they made little or no impact on the value of LUNC.
The major proposal for LUNC recovery that caught the community members’ attention last year was the 1.2% burn tax. In the beginning, the burn was effective until another proposal reduced it to 0.2%.
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However, a new proposal titled “Final Vision Plan for LUNC to $1+” has been launched. The proposal seeks to restore the most effective burn initiative.
Christopher Harris, the operator of JESUSisLORD validator, is behind the new Terra Classic (LUNC) new revitalization initiative.
Harris aims to enhance LUNC’s path toward reaching the $1 price point by restoring the 1.2% burn tax that was initially introduced by Professor Edward Kim back in September 2022.
IT'S UP!!! IT'S UP!!! IT'S UP NOW!!! 🔥🔥🔥
MY FINAL VISION PLAN FOR #LUNC TO $1+ IS UP FOR VOTE NOW!!! 🏆🏆🏆
MY PROP #11549 IS LIVE!!! 💥💥💥
THIS IS THE COMPREHENSIVE PLAN TO SECURE OFF-CHAIN BURNS AND BURN TRILLIONS OF $LUNC!!! 🔥🔥🚀🚀
LET'S GO #LUNCCOMMUNITY!!!… pic.twitter.com/QL6TVM6TIg
— JESUSisLORD (@ForTheCross_CH) June 1, 2023
Christopher Harris’s Vision
According to Harris, the proposal is aimed at achieving significant off-chain burns on exchanges via a 1.2% burn tax on buys and sells. He believes if this proposal is approved, the 6.9 trillion LUNC supply can be destroyed in a timely manner for the quick recovery of the imploded chain.
Christopher Harris noted:
“This proposal details a specific method for achieving this goal which I believe has a high prospect of success and is worth the effort to re-visit. The proposal also makes necessary on-chain tax changes to match the 1.2% burn tax, provide a 15x funding increase to the chain, and exempt’s dapps from tax to ensure a burn and build strategy moving forward for LUNC’s future.”
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What’s Harris’s Motivation?
Harris noted that virtually all LUNC traded volume occurs on exchanges. He said 1.2% burn tax on these billions of LUNC daily volume will massively boost the LUNC recovery process.
“If we take a more conservative figure of participating exchange volume, halving the total daily traded volume to $24,012,463. This is 218.3B LUNC traded per day, and if we had the 1.2% burn tax active on buy/sells it would burn 2,619,541,472 LUNC per day,” Harris wrote.
Harris continued, “This is at low volumes in a market correction and a continual decline in LUNC’s price, we can still be burning over 2 billion LUNC per day. This burn rate of 2.62B LUNC per day is 78.6B LUNC per month, 943.0B LUNC per year, and to burn almost the whole 6.9T supply is 7.2 years. We could burn much faster in a LUNC bull market with higher trading volumes. This example shows how powerful achieving the 1.2% burn tax off-chain can be for LUNC’s recovery.”
The operator of the JESUSisLORD validator added that if Terra Classic (LUNC) supply continues to see a rapid and continual decrease, more interest will be drawn toward the blockchain. He said this “would result in new investors, speculators, and traders coming to the hype of recovery.”
Stressing the demand of the proposal, he said, “I am asking for 6 months time, for united community effort behind this Vision Plan, to achieve significant adoption of the 1.2% off-chain burn tax.
“If we cannot achieve significant adoption of the 1.2% burn tax on major exchanges in 6 months time, the plan is a failure, and the tax changes can be rolled back, and put us back to our present situation. I believe in this plan and that it is worth a real shot, to fully explore off-chain burn tax adoption, as our prior efforts were cut short and not fully explored. We also have additional measures at our disposal now to help us succeed in this cause.”
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