Saturday, December 3, 2022
HomeCrypto NewsMarketNo Agreement Between Kaj Labs And Terra Classic Developers To Burn 2.5T...

No Agreement Between Kaj Labs And Terra Classic Developers To Burn 2.5T LUNC, Says Terra Rebels

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As LUNC’s popularity rises and its active community comes to the fore, it is not surprising to see projects name-drop the token to attract its active community.

In a tweet on Thursday, reXx of the Terra Rebels, the LUNC development group, disclosed that despite the continuous mentions by Kaj Labs in the press releases for their play-to-earn (P2E) game, there is no agreement between the group and the company.

According to reXx, there is no affiliation between both parties whatsoever. 

“LUNC community. I’m not sure why @SuperLitho @KaJLabs decided to throw Terra Rebels name into their medium article, but no such agreement between us and Lithosphere was established,” wrote the Terra Rebel. “We have never agreed to any announcements. We are not affiliated with this company in any manner.”

Notably, other members of the development group also corroborated this view. In the comments, Alex Forshaw called the project a scam.

It bears mentioning that, as reported by The Crypto Basic, Kaj Labs had pledged support for LUNC burns in the press release for its P2E game Finesse. Remarkably, the firm projected that the game would burn about 2.5 trillion LUNC by integrating the token into the game over time.

Notably, Kaj Labs released a roadmap yesterday in line with this narrative. Per the roadmap, Terra Rebels are also to make announcements concerning the game, implying contact and agreement between both parties.

The latest development is a blow to LUNC faithful, who may have placed their hope in the project. However, it is a testament to the popularity and influence of the LUNC community. To attract attention and hype, it is not surprising to see projects name-drop the token or the Terra Rebels.

Notably, the community continues to pursue more ways of bringing down the supply of LUNC. Its latest initiative is to repeg TerraClassicUSD (USTC) to burn LUNC faster through algorithmic controls. So far, at least two competing ideas on how the community should achieve this are in the works.

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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.

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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