Transaction tax

#LUC Trending on Twitter as Community Efforts to Burn Luna Classic Tokens Continue

The Terra Classic Community (LUC) supports the original LUNC asset with continued efforts to incentivize users and exchanges to burn the token to reduce the coin supply. #LUNC is trending on Twitter this Saturday, with over 12,000 tweets and counting. It seems that Terra Classic has won the support of the community, as its market capitalization is almost triple that of LUNA 2.0, which enjoys the help of the “official” Terra Luna channels.

LUNC versus LUNA 2.0

While Terra 2.0 (LUNA) is the new official digital asset, it is clear that the community has chosen the classic version of the token (LUC). While the market cap of LUNA 2.0 is $233 million with a 24-hour trading volume of $48 million, LUNC boasts a market cap of $646 million with a 24-hour trading volume almost double that of that of LUNA, at 74.5 million dollars at the time. From writing.

Unfortunately, LUNC and LUNA underperformed this week as Ethereum and Bitcoin saw substantial price growth. However, despite the disappointing price action, the Terra community continues to support the project.

LUNC Proposition 3568 & 4095

One of the main aspects that the Terra Classic community focuses on is proposal 3568, which would implement a 1.2% tax on every transaction for Terra Classic. This would be an effective way to pave the way for a slow but steady reduction in the supply of Terra Classic tokens, driving up the individual price of the Terra Classic (LUC) token.

Additionally, a transaction tax of 1.2% would incentivize users and trading bots not to make unnecessary transactions and incentivize holders and long-term supporters of the project.

According to the official Terra Classic forums, the proposal has passed full internal code review by members of the Terra Classic team. It is currently awaiting a full independent code review requested from current classic validators. It would move on to the next stages of integration into the Terra Classic mainnet if adopted.

Also, another part of the Terra Classic Communities latest efforts is to re-enable delegation and staking in Proposition 4095. This would first open delegation to existing validators for sixty days to mitigate any potential attack on the network and then open staking. for additional validators after the initial period.

LUNC recovery efforts continue

Although TFL does not officially support Terra Classic, the LUNC community remains dedicated to reviving the original digital asset. According to one senior member of the Terra Classic community on Twitter, @LUCDAOcurrent plans for Terra Classic include:

  • Reactivation of new staking + new validators
  • Implement the 1.2% burn tax on-chain, which then makes it much more likely to be implemented on CEX (centralized exchanges).
  • Anything that fixes the fundamentals [of LUNC]which makes it attractive to build on + the use of $LUNC.

In a series of Tweets posted today, the @LUNCDAO account points out that LUNC token burning is not done for profit, as they have so far donated over $26,000 of their profits to help the LUNC community.

Terra Classic (LUNC) is trading at $0.00009842 at the time of writing, down 3% in the last 24 hours. Although LUNC’s performance is disappointing, the strong community support for the token could mean that a major bull run could occur when traders least expect it. We recommend keeping a close eye on the Terra Classic community as the digital asset could show substantial price growth over the coming weeks.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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