Terra Classic Finally Implements Major Upgrade; Can This Take LUNC to $0.1?
The Terra Classic (LUNC) collective has put into effect yet another effort to help meet the objective of reviving the environment.May 24, 2023 12:00
The Terra Classic (LUNC) collective has put into effect yet another effort to help meet the objective of reviving the environment.
Recent activities indicate that the Terra Classic (LUNC) rejuvenation plan is a major priority for the community. To keep up with the raised burn tax rate to 0.5%, the LUNC network was recently revamped. It is still uncertain, however, whether or not this will be a successful part of the revitalization plan.
An announcement was made today by Terra Validators, the validator of the Terraport Finance project, through a tweet.
An investigation recently conducted by The Crypto Basic has revealed that a 0.5% burn tax has been initiated on the network. This has resulted in a significant increase in fees collected from transactions, raising them from 0.2% to 0.5%. These fees are then directed to the burn address, contributing to the burn initiative that is taking place.
dfunk, a highly respected member of the LUNC community, presented four proposals with the purpose of generating economic reforms to help the revitalization effort. All four of the plans were approved by the community in a vote.
The Crypto Basic reported that KuCoin, a Seychelles-based exchange, was the first to back the burn tax increase after the proposals were approved. Binance followed suit, also giving their support for the increase.
The community had previously seen the negative effects that the burn tax raise had on LUNC's quantity and therefore voted to bring it back down to the original 0.2% rate. Since then, any other attempts to increase it have been rejected by the group. However, dfunk's proposal is different, suggesting a more reasonable rise instead of the drastic increase in the other plans.
The Terra Classic network upgrade was put into effect yesterday, just as planned. The news has caused much enthusiasm among the community, as the burn tax rate has been raised to a maximum of 2.5 times its original amount. This means that a higher quantity of LUNC will be consumed with each applicable transaction.
The Terra Classic revamp plan involves the burning of assets along with other strategies such as staking. The extent of burning will be contingent upon the rate of adoption of this approach. Thus, it is necessary for the recovery goal to be supported by a greater number of burns.
The price of LUNC has decreased by 1.59% over the last day, trading at $0.00008752. There is a circulation of 6.61 trillion tokens, with 58.6 billion tokens having been burned. At the present rate, it would take the community approximately five years to burn the remaining 393 billion tokens, which is 5.7% of the total supply.
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