Terra Classic Tax Burn: Community Warned by Group Behind 1.2% Tax Burn for LUNC

10/02/2022By: C, Fiona

 

The developer organization Terra Rebels, which proposed the 1.2% tax burn, issued a warning to the Terra Classic community regarding the Baby Luna Classic rug pull. The community, according to Terra Rebels member reXx, should be wary of these coins because they are not based on the Terra network. Furthermore, Terra Rebels is not connected to any initiatives that falsely claim to be related to Terra Classic.

Terra Rebel Alliance Has Issued a Warning to LUNC Community

On September 23, reXx of the Terra Rebels tweeted a warning to the Terra Classic community about a rug pull involving a Baby Luna Classic. He claims the tokens were not developed on the Terra blockchain. As an added note, Terra Rebels has no connection to such endeavors.

To reclaim the LUNC token and reestablish the UST currency peg, Terra Rebels has laid out a plan. Among the developers, Edward Kim and Alex Foreshaw are the ones in charge. Among the goals of the roadmap are the implementation of staking and governance, the suggestion of a tax burn of 1.2% on all on-chain transactions, and the restoration of utility via decentralized applications, non-fungible tokens, and other initiatives.

For Terra Classic (LUNC), the deflationary effect can be achieved by increasing the burn rate of LUNC tokens, as proposed by the Terra Rebels in their 1.2% Tax Parameter Change proposal. The result is a less total quantity of tokens.

The community unanimously approved a proposal to burn 1.2% of tax revenue. At 6:20 UTC on September 21st, the 1.2% tax burn was activated at a block height of 9,475,200.

There is a call for Binance to make public their intention to facilitate off-chain transactions with a 1.2% tax burn. However, Binance is currently thinking about the idea. In addition to Binance, MEXC Global CoinInn, BTCEX, and LBank, KuCoin, Huobi, Crypto.com, eToro, Gate.io, and BTCEX all enable the tax burn.

The LUNC Share Price Fell After South Korea Requested Do Kwon’s Arrest

The price of Terra Classic has risen above the community’s goal of $0.0005 per token. Even as the issue around Do Kwon’s arrest was escalating, the price of LUNC dropped as a result of the actions of South Korean prosecutors. Each day’s trade volume is likewise substantially lower than it was.

In the last 24 hours, LUNC has dropped approximately 11 percent in value, to $0.00024. Do Kwon, according to Terra Rebels, LUNC DAO, and others, is not affiliated with Terra Classic.