Thursday, September 29, 2022
HomeCrypto NewsMarketTerra Luna Classic (LUNC) Accepted as Payment in StarShip Universe, Also 1.2%...

Terra Luna Classic (LUNC) Accepted as Payment in StarShip Universe, Also 1.2% of All LUNC Payments To Be Burnt

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Terra Luna Classic (LUNC) is accepted as payment inside the StarShip Universe with a 1.2 percent tax burn in the largest new metaverse, StarShip Universe.

As a result of UST’s depegging from the dollar, the stable coin LUNA was forced to issue billions of its partner tokens to preserve equilibrium algorithmically. Billions of dollars in worth were wiped away in days due to this supply glut, leaving many investors with an unpleasant reality.

They believed that Terra would react by burning some of the extra LUNA to restore the peg and hence restore the value of their currency (LUNA). 

In place of this, a hard fork was announced that would identify LUNC as the originating token with the initial supply and stablecoin pairing and create a new token, LUNA, with a supply of 1 billion and no stablecoin coupling.

Most validators voted in favor of the hard fork, which was released on May 28th. However, most token holders redoubled their request to burn the surplus supply instead, despite the plan being backed by a majority of validators.

StarShip just released a teaser showcasing gameplay footage from the next, biggest metaverse ever created.

The MetaUniverse’s 32,000 square kilometers of buildable area, powered by the new Unreal 5 engine, provides an unprecedented chance for long-term development and expansion.

According to the press release, StarShip’s collaboration with LUNAC has led to the implementation of the cryptocurrency as a payment method inside its ecosystem, which means that it will burn 1.2 percent of the total amount of LUNC, which is received for these payments.

The press release says, “LUNC will be implemented into the StarShip ecosystem as one form of payment within StarShip Universe, burning 1.2% of all LUNC received for these payments.”

Additionally, the LUNC Prop 3568, which proposed a 1.2% burn tax, was approved by voters on Sunday. To the delight of token holders, this will begin to diminish the number of current tokens when they are traded.

Finding a practical use for LUNC is timely. A new partnership between StarShip and Luna reinforces the basis of their respective ecosystems.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.


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