• LUNC’s staking ratio recently hit an all-time high of $975 million.
• The community is voting on a 0.5% tax burn proposal to reduce the circulating supply and maintain LUNC’s price.
• The Terra Luna network validator Mr. Diamond Handz argued that whales wouldn’t be interested in trading $LUNC with a higher burn tax.
LUNC Staking Reaches $1B
Terra Luna Classic (LUNC) staking recently reached an all-time high of $975 million, representing 14.23% of the total LUNC supply. This comes just after the LUNC community voted for parity proposal #11511 to onboard Terra 2.0 dApps onto LUNC, signaling increased interest in the network.
Tax Burn Proposal
The community behind the struggling blockchain has proposed a 0.5% tax burn proposal that would include divergence fees on every transaction to reduce the circulating supply and maintain LUNC’s price over time. However, some members are opposed to this due to concerns about whales not being interested in trading $LUNC with a higher burn tax rate.
Edward Kim’s AI Chain App
Software engineer Edward Kim has also proposed switching to an AI chain app, which would create a security vault to restore the value of Terra Classic USD (USTC). Currently, 41% of LUNC voters agree with this proposal but there is still strong opposition from some members of the community.
The Terra Luna network validator Mr. Diamond Handz voiced his concern over whales potentially not being interested in trading $LUNC with a higher burn rate due to reduced profits from transactions fees while still taking part in staking rewards as well as rewards from new projects built on top of the platform like DeFi applications or NFT marketplaces etc..
Despite some objections, it appears that the majority of LUNC voters support increasing taxes for better circulation control and maintaining its price over time for long term success and stability on the market . With more projects launching soon and strong backing by investors , it appears that Terra Luna Classic may have found its way back from oblivion .