New ways are necessary to facilitate LUNC burns.
Terra Classic investors have come a long way in plans to revive collapsed cryptocurrencies, LUNC and USTC. Both digital currencies were dealt a heavy blow in May after the Terra ecosystem collapsed. To make matters worse, the developers behind LUNA, TerraForm Labs (TFL), neglected not only investors’ wishes but also abandoned Terra Classic.
As reported, victims of the Terra collapse wanted a huge chunk of the token’s supply burnt by TFL. However, the company had other plans and chose to launch a new chain and new tokens as compensation plans for Terra’s victims.
Following this, Terra classic investors had to revive LUNC themselves by voluntarily burning and staking the digital currency. The recent implementation of the 1.2% tax burn for all LUNC on-chain transactions is an important step in the right direction. However, more efforts must be made if LUNC ever stood a chance of rising from the ashes.
Get Terra Classic Listed on Robinhood and Coinbase
For starters, LUNC needs to be listed across top crypto trading platforms that boast good trading volume daily. Getting LUNC listed on crypto trading platforms like Coinbase and Robinhood would bolster the number of tokens that will be burnt daily.
However, having Coinbase and Robinhood list LUNC is no easy task, given the token’s history and allegations about its founder’s fraudulent activities.
Interestingly, the Terra classic community could convince these trading platforms to list LUNC by creating a petition on Change.org, to get their attention. Several crypto projects have been using this method to attract the attention of top cryptocurrency exchanges.
Last year, the Shiba Inu community created a petition on Change.org, calling on Robinhood to make SHIB available for trading on its platform. The petition attracted over 300,000 signatures from Shiba Inu Investors, which were enough to get Robinhood’s attention.
A few months later, Shiba Inu was listed on the trading platform.
A similar initiative is being made by investors of canine-themed cryptocurrency Floki Inu (FLOKI). A Change.org petition was recently launched to call on Binance to list FLOKI. The petition, which requires 35,000 signatures, has already received 28,915 signatures.
With the popularity of LUNC, it would be easy for investors to ask Coinbase and Robinhood to list the token to bolster the ongoing burn program.