- Terra Luna Classic proposal considers the burn of 900 million LUNC tokens that were reminted from Binance’s LUNC burn mechanism.
- The proposal is divisive among the community, with 42% in favour of the burn and 58% against, fearing it will impact spending proposals.
A proposal from Terra Luna Classic has incited a fervent debate amongst its community members. The proposal seeks to incinerate all Terra Luna Classic (LUNC) tokens that have been reminted from the Binance’s LUNC burn mechanism, drawing from the community pool. Binance had previously scaled back its involvement from a complete 100% to a 50% contribution, post identifying that the LUNC burnt was being replenished as a community pool fund intended for developers.
Proposal 11582, aptly titled “Burn All the Lunc Reminted From Binance Customers’ Fees to Date,” proposes to incinerate 899,224,538.5 LUNC from the community pool following meticulous deliberations and calculations. Yet, the response has been divisive. The proposal’s initial voting indicates a split community, with some members arguing against the burn of a considerable amount of LUNC during a time when vital proposals are under consideration. Conversely, others advocate for immediate burn but in a gradual, weekly process, considering it the ethically right course of action.
The proposal thus far has garnered a 42% “Yes” vote, with a 58% “No with veto” vote, signifying that a majority believes the complete burn of LUNC from the community pool could adversely affect pending spending proposals. Among validators, JESUSisLORD and Classy’s Sphere support the proposal, while Happy Catty Crypto, T.MOM, and MoonRunners have voiced their opposition. Top validators are still to weigh in on the proposal.
Classy Crypto of Classy’s Sphere Validator has suggested a gradual burn of 50 million LUNC on a weekly basis, indicating the community pool’s over 3 billion LUNC in spend proposals, with 2.2 billion LUNC in the pool.
Simultaneously, the total LUNC burn by the Terra Luna Classic community is approaching a staggering 65 billion, showing an upswing in the burn rate. Both projects and validators are vigorously contributing to the LUNC burn. Binance has been a significant contributor, attributing 51% to the total burn, amounting to 32.93 billion LUNC. The next batch of Binance’s LUNC burn mechanism is eagerly anticipated, with expectations of a substantial burn.
Meanwhile, the LUNC price has risen by 1% in the last 24 hours, with the current trading price at $0.000091. The 24-hour low and high are at $0.0000904 and $0.0000948 respectively. Furthermore, there has been a 65% upturn in the trading volume in the last 24 hours, reflecting an escalating interest.