New Way to Effectively Burn Terra Classic (LUNC) Supply Introduced: Details

Since the implosion of the Terra ecosystem, which gave birth to the Terra Classic community, there have been various suggestions on how to make the dream revival of LUNC tokens come true.

To this effect, a 1.2 tax burn proposal was suggested, supported, and passed through a community vote. The good news is that top exchanges, such as Binance, have implemented the burn tax proposal in order to support the LUNC recovery effort.

Read Also: Financial Service Provider Based in Europe Makes LUNC Burn Announcement, Says More Burns Upcoming

Despite the implementation and the success so far, some members of the Terra Classic community think the 1.2% tax is not enough to make the dream LUNC revival come true.

Terra Rebel Introduces New Way to LUNC Revival

In a tweet a few hours ago, Terra Rebel, a group of developers that is currently overseeing the growth and development of the Terra Classic network, introduced a new way to effectively burn loads of LUNC supply.

As suggested by Terra Rebel in the tweet, a new way to burn massive LUNC tokens is through utility and building with decentralized applications (DApps) competing to burn the most LUNC supply.

According to the group, this will result in burning more LUNC rather than the working on-chain and off-chain tax.

TerraRebel tweeted, “Had a full 4hr+ chat with @DemonMonkey777 last night and we both ‘personally’ agree a more effective way to burn the LUNC mountain is through utility and building with dApps competing to burn the most LUNC, rather than an on-chain tax, just as Binance is doing voluntarily.”

Read Also: Terra Classic Sees Huge Gain As Binance Prepares to Announce Number of LUNC Burned So Far

Terra Classic (LUNC) Community Responds

As expected, some community members showed their support for the suggestion, while others think it may bring no positive result to the Terra Classic (LUNC) ecosystem.

In response to the new suggestion from Terra Rebel, LUNC Burn, the channel that reports the transfers of LUNC tokens to the designated burn wallet, stated that there is no certainty that dApps will be ready to compete in order to burn the biggest LUNC supply.

So, LUNC Burn concluded that the most effective way is to stick to the 1.2% tax burn. If not, Binance which has been voluntarily burning LUNC tokens may withhold its support.

LUNC Burn tweeted, “Do you know of any dApps that are wanting to compete against each other in burning the biggest supply? Until then the burn tax should remain as it’s the only method of lowering the supply we currently have, take that away and we burn 0.”

---

Follow us on Twitter, Facebook, Telegram, and Google News