The group wants to accelerate ongoing Terra Classic (LUNC) burns.
In a tweet today, Terra Rebels disclosed that there is a need to create more effective ways to burn Luna Classic tokens (LUNC).
The official Twitter handle of Terra Rebels said they had a conversation with one of their associates committed to building LUNC, Demon Monkey 777, about introducing more ways to burn Terra Classic.
According to Terra Rebels, the conversation lasted for more than four hours, and the major point of focus was to create a more effective way to burn LUNC. Terra Rebels said the only way to achieve this is by creating utilities for LUNC that will see various decentralized applications (dApps) compete to burn more Luna Classic.
While the 1.2% tax burn has been instrumental in reducing LUNC’s total supply, Terra Rebels does not want to rely only on the initiative. The developers are seeking a more effective way to burn more LUNC tokens. It believes the only way to bolster LUNC burns is by creating “utility and building.”
Had a full 4hr+ chat with @DemonMonkey777 last night and we both 'personally' agree a more effective way to burn the #LUNC mountain is through utility and building with dApps competing to burn the most LUNC, rather than an on chain tax, just as #Binance is doing voluntarily.
— TerraRebel (@RexYellerBelly) October 14, 2022
Terra Rebels is a Terra community-based group that seeks to facilitate the revival of LUNC in one year. The group recently released an official LUNC roadmap to help revive the Terra classic cryptocurrency from Q2 2022 to Q2 2023.
Efforts to Revive LUNC Value
The Terra Classic community has come a long way in its quest to revive LUNC value by reducing the total supply of Luna Classic.
Part of the initiatives LUNC investors have deployed to revive the value of LUNC is by implementing a 1.2% tax burn for all LUNC on-chain transactions. Several cryptocurrency exchanges have also launched efforts to reduce LUNC’s total supply. Still, only Binance committed to LUNC off-chain burns by burning its LUNC trading fees.
So far, over 18 billion Terra Luna Classic tokens have been burnt from the token’s total supply. However, many believe it will be difficult for existing burn efforts to revive LUNC in the short term, given the huge LUNC total supply of over 6.9 trillion.
At the time of writing, LUNC is trading at $0.00028261, up 4.5% in the last 24 hours, according to Coingecko data.
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