Terra Rebels Denies Ties With KaJ Labs Over Plans To Burn 2.5 Trillion Terra Classic (LUNC)

Terra Rebels, the community-powered decentralized organization formed to resurrect the Terra Classic ecosystem has debunked the rumors of a LUNC burn partnership with Kaj Labs, the team behind Lithosphere, a next-generation platform for cross-chain decentralized applications (DApps) powered by Artificial Intelligence (AI) and Deep Learning. 

As earlier reported by Timestabloid, Kaj Labs stated that it projects to burn 2.5 trillion LUNC tokens via its Lithosphere’s P2E gaming series ‘Finesse,’ which is a two-chapter Play-to-Earn (P2E) game. 

The Kaj Labs team stated that Terra Classic (LUNC) will be implemented as one of the networks in the game and LUNC used in the game will be burned during gameplay. 

Read Also: Developer Says No More LUNC Minting As Terra Rebel Affirms That LUNC Code is Now Fully Controlled by the Community

Whereas this news brought a lot of excitement to the LUNC community as burning 2.5 trillion LUNC tokens would be a big boost in the token reduction movement.

However, ReXx, a top Terra Rebels member, has disclosed that there is no agreement, partnership, or affiliation between Terra Classic (LUNC) and Kaj Labs. 

In the same vein, Alex Forshaw, an ex-Terra Rebels Quant Team Lead called KaJ Labs, and the Lithosphere Finesse play-to-earn (P2E) gaming series a scam project. 

“LUNC community. I’m not sure why Super Litho and KaJ Labs decided to throw Terra Rebels’ name into their medium article, but no such agreement between us and Lithosphere was established. We have never agreed to any announcements. We are not affiliated with this company in any manner,” ReXx of TerraRebels wrote. 

The Terra Classic (LUNC) 1.2% tax burn has become very popular in the crypto industry as many top exchanges like Binance have implemented it on all LUNC on-chain and off-chain transactions. Therefore, there is a possibility that some startup projects could name-drop the LUNC tax burn mechanism to draw traction from the teeming Terra Classic community members.

It is worth noting that another top exchange plans to list LUNC on October 12 and also implement the 1.2% tax burn on all LUNC trading activities and other off-chain transactions.

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