LUNC Staking Approaches $1B Amid Community Tax Burn Proposal

  • LUNC reaches a staking all-time high year after the crash.
  • LUNC L1 Task Force recently put up a parity proposal.
  • The community is voting on a 0.5% tax burn proposal.

The game-tested altcoin Terra Luna Classic (LUNC) staking reached an all-time high of $975 million. Now 14.23% of all $LUNC is staked, according to Mr. Diamond Handz, a well-known validator for the Terra Luna blockchain. This comes just a week after the LUNC community voted for parity proposal #11511 to onboard Terra 2.0 dApps onto LUNC.

Indeed, such a high $LUNC staking ratio could signal an increased interest in the network. The spike in $LUNC staking can significantly reduce the circulating supply in the market, which could help maintain LUNC’s price over time. However, for the staking vault to have a sufficiently bullish impact on the price of $LUNC or $USTC, the network validator points out the importance of burning Terra Luna Classic.

Parity Crusade Continues for LUNC

The community behind the struggling blockchain has made several breakthroughs in Terra Luna’s revitalization plan. For instance, software engineer Edward Kim has proposed the switch to an AI chain app, which would create a security vault to restore the value of Terra Classic USD (USTC).

Currently, all eyes are on the 0.5% tax burn proposal, including divergence fees on every transaction. 41% of LUNC community voters agree with the proposal, but some strong objections exist. To illustrate, the Terra Luna network validator Mr. Diamond Handz argued that whales wouldn’t be interested in trading $LUNC with a higher burn tax.

On the Flipside

  • LUNC community is split into two camps over the 0.5% tax burn proposal.
  • One member asked, “Why we still fannying about with the tax?” calling to focus on utility.
  • Danny DeFi, another prominent LUNC member, uttered, “This is an awful idea,” while others threatened to sell their accounts.

Why You Should Care

Despite the horrendous depegging of Terra (UST) in May 2022, there’s still a vast community behind the Terra Luna blockchain one year later.

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Written by on 2023-05-15 14:30:00.

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