Terra Luna Classic To Burn 900M LUNC Reminted From Binance, Total Burn 65B

A Terra Luna Classic proposal aims to burn all Terra Luna Classic (LUNC) tokens from the community pool reminted from the crypto exchange Binance’s LUNC burn mechanism. Binance reduced its contribution from 100% to 50% after it discovered that the LUNC burn was being reminted as a community pool fund for developers.

Terra Luna Classic Proposes Burn LUNC Reminted From Binance

After a careful discussion and calculation, Proposal 11582 “Burn All the Lunc Reminted From Binance Customers’ Fees to Date” is put up for voting. The proposal aims to burn 899,224,538.5 LUNC from the community pool.

The initial voting shows the community remains divided on the proposal. Some argue burning a huge lump of LUNC from the community pool amidst important proposals under discussion is a bad move. However, others believe LUNC should be burnt right away as it’s the morally correct thing to do, but in small amounts weekly.

Until now, the proposal received 42% “Yes” votes and 58% voted “No with veto.” It indicates the community believes burning all LUNC from the community pool will impact spending proposals. JESUSisLORD and Classy’s Sphere are currently the only two validators who have favored the proposal, while Happy Catty Crypto, T.MOM, and MoonRunners have rejected it. Top validators are yet to vote on the proposal.

Classy Crypto of Classy’s Sphere validator tweeted that the community pool has over 3 billion LUNC in spend proposals, with 2.2 billion LUNC in the community pool. He proposes to burn 50 million weekly as a gesture of Binance’s contribution to the LUNC burn campaign.

Also Read: Terra Luna Classic (LUNC) Community Supports USTC Repeg And Quant Team Proposal

Total LUNC Burn Rate Rises

The total LUNC burn by the Terra Luna Classic community approaches 65 billion as the burn rate rises significantly. Projects and validators are extensively contributing to the LUNC burn.

Binance has contributed 51% to the total burn, with 32.93 billion LUNC. The community expects massive burn in the next batch of Binance’s LUNC burn mechanism.

LUNC price jumped 1% in the last 24 hours, with the price currently trading at $0.000091. The 24-hour low and high are $0.0000904 and $0.0000948, respectively. Moreover, the trading volume has increased by 65% in the last 24 hours, indicating a rise in interest.

Also Read: Cardano, Solana, Polygon (MATIC) Under Selloff Pressure From Robinhood and Celsius

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