A recent proposal in the Terra Luna Classic community has raised a divide between supporters, as it calls for burning all Terra Luna Classic (LUNC) tokens in the community pool that have been reminted from Binance‘s LUNC burn mechanism. While the exchange reduced its contribution from 100% to 50% after discovering the reminting issue, the new proposal suggests burning 899,224,538.5 LUNC.
After weighing the moral and practical implications, Proposal 11582, “Burn All the Lunc Reminted From Binance Customers’ Fees to Date,” is up for a vote. The initial numbers show that the community is split on this issue. Some members assert that burning such a significant portion of LUNC from the community pool, while other critical proposals are under consideration, would be a problematic move. Others maintain that the LUNC burn should proceed immediately, albeit in smaller weekly amounts, as it is the ethically correct course of action.
At present, the proposal has garnered 42% “Yes” votes versus 58% “No with veto” votes, demonstrating the widespread concern about the potential impact on spending proposals. Only two validators, JESUSisLORD and Classy’s Sphere, have endorsed the proposal so far, while validators like Happy Catty Crypto, T.MOM, and MoonRunners have rejected it. The stance of top validators is yet to be revealed.
Classy Crypto, from Classy’s Sphere validator, tweeted a suggestion to address burning concerns. Noting that there are over 3 billion LUNC in spend proposals and 2.2 billion LUNC in the community pool, he proposed a weekly burn of 50 million LUNC as a nod to Binance’s contribution to the LUNC burn campaign.
As the total burned LUNC by the Terra Luna Classic community reaches 65 billion and the burn rate skyrockets, projects and validators continue to contribute substantially to this effort. Binance has supplied 51% of the total burn with 32.93 billion LUNC, and the community expects a massive burn on the horizon from the next batch of Binance’s LUNC burn mechanism.
LUNC’s price has risen 1% in the last 24 hours, trading at $0.000091, with the 24-hour low and high reaching $0.0000904 and $0.0000948, respectively. Furthermore, within the same timeframe, trading volume has surged by 65%, signaling increased interest in the market.
Source: Coingape
