Monday, December 5, 2022
HomeCrypto NewsMarketNearly 1.5 Billion Terra Classic (LUNC) Burned By 1.2% Tax Almost A...

Nearly 1.5 Billion Terra Classic (LUNC) Burned By 1.2% Tax Almost A Week After Implementation

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The burn rate remains underwhelming.



After weeks of anticipation and excitement in the LUNA Classic (LUNC) community, the 1.2% tax parameter change finally went live last Wednesday. However, in the days since the tax burn went live, only about 1.46 billion LUNC has been burned by the tax, according to data from TerRarity.io.

As per the data, 5.7 billion LUNC has been burned in total, with 4.24 billion sent to the burn address by investors since the community started incentivizing burning. Notably, the current burn rate sits at 296,711,492 LUNC daily, bringing the total supply down to 6.895 trillion LUNC. Furthermore, TerRarity.io data shows that at this rate in a year, only about 113 billion LUNC will be burned, a far cry from targets of about 1 trillion as the community hopes to bring down the supply to 10 billion LUNC eventually.

In the face of this, the community is channeling its efforts toward lobbying central exchanges to implement the tax burn on off-chain transactions. Notably, much focus is on Binance, the world’s largest crypto exchange that hosts the largest LUNC daily trading volumes.

Consequently, Binance Chief Changpeng Zhao, CZ, in response to the calls by the community, has proposed an opt-in model with a 3 step implementation process. While some have lauded the gesture from the exchange as an equitable compromise, others like LUNC DAO, a community validator, have called out the Binance chief for proposing a plan they believe he knows will never work.

 

Despite the split narrative of outrage and support for the CZ proposal within the LUNC community, the undisputed fact remains that support of the burn by Binance could significantly help the community achieve its goals faster so long as the exchange continues to host such volumes.

 

Notably, reXx of the Terra Rebels has urged the community to remain calm and united despite the split opinions on the Binance opt-in implementation.

 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
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.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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