CoinInn Launches a Poll to Determine Whether Terra Classic (LUNC) Off-Chain Burn Rate Should be Reduced to 0.2%.
CoinInn has launched a public poll, asking the LUNC community to decide whether the off-chain burn rate should be revised from 1.2% to 0.2%.
Following the implementation of the 1.2% tax burn for LUNC transactions, the community witnessed a drastic decrease in the asset’s trading volume. This prompted a revision of the burn rate from 1.2% to 0.2% in a new proposal from the Terra Classic community.
Several top exchanges, including Binance, Kucoin, and Crypto.com, implemented the burn rate review, setting on-chain burns at a rate of 0.2%. Notwithstanding, CoinInn, which also implemented off-chain or LUNC trading burns, is seeking the community’s opinion on whether to revise its off-chain burn rate to 0.2%.
CoinInn launched the poll on Twitter, giving the community three options: a revision of the current 1.2% off-chain rate to 0.2%, sticking to the current 1.2% off-chain burn rate, and an opportunity to decide on a custom burn rate besides 1.2% and 0.2%.
Since #LUNC on-chain burning is currently 0.2%, would you like us to change the off-chain burning rate to 0.2% as well? or we should stick to 1.2%#LUNCCOMUNNITY #LUNCBURNING #LuncBurn #LUNACLASSSIC #CoinInn @terra_money @TerraRebels
— CoinInn (@coin_inn) October 26, 2022
As of press time, 6,107 respondents have shared their views. Of these votes, 53% of respondents think CoinInn should stick to the 1.2% off-chain burn rate, while 44% would like to see the off-chain burn rate reduced to 0.2%. 3% chose neither option and introduced a different burn rate besides the highlighted two.
Prominent Terra Rebels official, ReXx, quoted the poll as a way to bring it the needed attention. ReXx, who chose not to make any comments aimed at swaying the decision of any community member, asked proponents to vote “accordingly and logically.”
CoinInn was one of the first exchanges to burn 1.2% off-chain. They are asking the community to cast their votes on what to keep their off-chain tax rate at.
Please vote accordingly and logically. https://t.co/hSrmpiLIWG
— reXx™ (@reXxTerraRebels) October 26, 2022
Recall that, despite the support from several top exchanges, most of these platforms only implemented on-chain burns. CoinInn was one of the first platforms to implement off-chain burns. Binance, which needed a certain level of persuasion, also joined in much later.
Following the proposal to reduce the on-chain burn rate to 0.2%, Binance swiftly declared its decision to comply with the revision. Shortly after, several other exchanges, including OKX, KuCoin, and Crypto.com, also decided to comply with the review, as The Crypto Basic previously reported.
It bears mentioning that the LUNC community has started witnessing an improvement in LUNC on-chain trading volume following the tax burn rate review. The Crypto Basic recently noted that on-chain LUNC volume doubled shortly after the implementation of the reduction of the burn rate.