Terra Luna Classic Burn: Community Efforts to Burn LUNC Continue!

07/28/2022By: C, Fiona

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In an effort to restrict the quantity of Terra Classic (LUNC) tokens, the community is rallying behind the original LUNC asset by providing incentives to users and exchanges to burn the token. In the early hours of this Saturday, almost 12,000 Tweets had been tagged with #LUNC. In spite of backing from the “official” Terra Luna channels, it appears that Terra Classic earned the community’s favor, as its market cap is nearly three times that of LUNA 2.0.

Differences Between LUNC and LUNA 2.0

Although Terra 2.0 (LUNA) is the recognized new digital asset, the traditional token has been favored by the community (LUNC). Compared to LUNA 2.0‘s $233 million market cap and $48 million 24-hour trading volume, LUNC’s $646 million market cap and $74.5 million 24-hour trading volume are considerably more impressive.

While Ethereum and Bitcoin both saw significant price increases this week, LUNC and LUNA lagged behind. Even though the price movement has been lackluster, the Terra community as a whole remains committed to the endeavor.

For the Record: LUNC 3568 and 4095

Proposal 3568, which would impose a burn tax of 1.2 percent on all Terra Classic transactions, is a major topic of discussion in the Terra Classic community. As the number of available Terra Classic tokens gradually decreases, the price of a single Terra Classic token (LUNC) rises.

In addition, a 1.2 percent transaction tax would encourage long-term holders and supporters of the project by discouraging short-term trading by users and trading bots.

Efforts to Bring LUNC Back Carry On

Even though TFL does not back Terra Classic, the LUNC community is still working hard to bring it back to life. One of the most influential members of the Terra Classic community on Twitter, @LUNCDAO, has revealed some of the future goals for the game.

  • New stakers and validators must be enabled again.
  • By enforcing the 1.2 percent burn tax on-chain, its adoption by CEXs becomes much more plausible (Centralized Exchanges).
  • Anything else that improves the core functionality of LUNC and makes it more appealing as a platform for development and usage of $LUNC.

The @LUNCDAO Twitter account has been tweeting today to stress that the burning of LUNC tokens isn’t done for profit, as the company has contributed over $26,000 of its revenues to the LUNC community.

At the time of writing, one Terra Classic (LUNC) token is worth $0.00009842, down 3% in the last 24 hours. Despite LUNC’s lackluster performance, the token’s widespread community support suggests it may be due for a strong bull run. It would be wise to keep an eye on the Terra Classic community over the next few weeks, as this digital asset has the potential to experience significant price rise.