Auto-Burn and Auto-withdraw Options May Come to Terra Classic Staking

A proposal aiming to introduce both features on Terra Station has been submitted.

Terra Classic (LUNC) could start seeing an auto-burn and an auto-withdraw option for its staking mechanism, as a proposal to introduce the features on the Terra Station platform was recently submitted.

Proposal 11391 seeks consensus from community members to include buttons on Terra Station that allow users to burn their staking rewards at specified intervals: daily, weekly, monthly, or yearly.

Submitted six days ago, the proposal seeks to automate these activities, focusing on the burn function, to enhance Terra Classic burns. Community members can readily participate in the initiative by eliminating the need for manual burning of staking rewards.

The proposal has not passed as of press time, with most validators displaying apathy towards it. Most validators, amounting to 147 in number, have not voted on the proposal at the time of reporting. Only four validators have voted, all going for “Yes.”

Classy – a notable Terra Classic influencer and operator of the Classy’s Sphere validator – noted that his validator voted Yes to the proposal.

We’ve voted “YES” to add an Auto-Withdraw & Auto-Burn button on $LUNC staking.

Great idea! Happy Staking ☀️ pic.twitter.com/GmzmQg6Ui0

— Classy 🔮 (@ClassyCrypto_) March 15, 2023

– Advertisement –

Furthermore, Classy took to his YouTube channel to explain why he felt the proposal was a fantastic idea that could benefit the community. He disclosed that numerous proponents had reached out to him, soliciting the addition of a burn button on Terra Station.

Notwithstanding, according to him, getting the Terra Foundation Guard (TFL) team to actually include this option could be tough, as it would require some technical smart contract work. Despite this, he insists the proposal is a good idea that would potentially help incinerate more LUNC tokens.

Moreover, Classy likened the auto-withdraw option to the auto-compounding feature observed in certain staking services. Auto-compounding is a feature that allows cryptocurrency holders to automatically reinvest their staking rewards back into the staking pool, thus increasing their earnings.

The feature will help to increase the amount of Terra Classic staked. Rex Harrison, a senior member of the TerraCVita development group, has repeatedly championed the staking initiative, highlighting its importance in Terra Classic’s rejuvenation goal.

– Advertisement –