The Terra Classic network will no longer re-mint a percentage of burnt LUNC.
The Terra Classic network has voted to end Terra Luna Classic (LUNC) re-mints, per a tweet from community influencer and network validator Classy yesterday.
It comes as proposal 11242 passed the governance vote. Per the screenshot shared by Classy, the proposal attracted over 66% of the network’s voting power, with 95.98% voting in favor. Consequently, the network will no longer re-mint 10% of all LUNC burns at the end of each epoch.
As of 4 hours ago, $LUNC reminting is NOW GONE!
NO LONGER WILL THEY REMINT OUR BURNT #LUNC!
RETWEET TO SPREAD THE WORD!#LUNACLASSIC BURN MOVEMENT IS COMING BACK! pic.twitter.com/cPSvtoDroQ— Classy ? (@ClassyCrypto_) January 11, 2023
Notably, it is half of a 2 part proposal. The second part, proposal 11243, pushes to increase Terra Classic fees by 500% to compensate for the lack of burn tax seigniorage and fund the community pool. Recall that 50% of the collected gas fees are sent to the community pool at the end of each epoch.
Per a recent YouTube video from Crypto King, another community influencer, proposal 11243 has also passed the pass threshold. As highlighted by Crypto King, proposal 11242 is vital to the Terra Classic network’s relationship with Binance.
Recall that the world’s leading crypto exchange by trading volume opted to halt its LUNC burns till it received assurances that the network would not re-mint its burns. Consequently, with proposal 11242 passing, the exchange should continue its LUNC burns by March 1, as promised. Notably, the crypto exchange will only burn 50% of all LUNC trading fees going forward instead of the original 100%.
The community is now calling on Binance to remove the LUNA warning label from CoinMarketCap, its crypto data feed platform. According to vocal influencers, the LUNA face lift would aid the recovery of LUNC as well.
On its journey to reduce the 6 trillion LUNC supply, the community, with its supporters’ help, has sent about 37.43 billion LUNC to the dead wallet, boasting an average burn of 283.9 million LUNC daily, per data from TerRarity.io. Binance remains the largest contributor to LUNC burns, with 20.1 billion LUNC in trading fees burnt.
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