Terra Rebels to Launch More Effective Terra LUNC Burning Techniques

Terra LUNC Community Approves New Measure to Reduce Tax Burn
Terra LUNC Community Approves New Measure to Reduce Tax Burn

By introducing More Effective Ways to Burn, Terra Rebels hopes to quicken ongoing Terra Classic (LUNC) burns. Terra Rebels revealed that better methods for burning Luna Classic tokens must be developed in a tweet today.

The Terra Rebels’ official Twitter account discussed adding new ways to burn Terra Classic with Demon Monkey 777, one of their associates dedicated to building LUNC.

The main topic of discussion, which, according to Terra Rebels, lasted for more than four hours, was how to burn LUNC more efficiently. 

According to Terra Rebels, this can only be done by developing LUNC utilities where different decentralised applications (dApps) will compete to burn more Luna Classic.

While the 1.2% tax burn has helped to decrease the overall supply of LUNC, Terra Rebels does not want to rely solely on it. 

To burn more LUNC tokens, the developers are looking for a more efficient method. It thinks producing “utility and building” is the only way to support LUNC burning.

Terra Classic Community Quest to Revive  LUNC Value  

The community-based organisation Terra Rebels is working to help LUNC get back up and running in a year. To support the resuscitation of the Terra classic crypto from Q2 2022 to Q2 2023, the group has unveiled an official LUNC roadmap.

The Terra Classic community has made significant progress in its effort to increase the value of LUNC by limiting the supply of Luna Classic.

A 1.2% tax burn for all LUNC on-chain transactions is one of the strategies investors in LUNC have used to boost the value of LUNC. Many cryptocurrency exchanges have also started working to lower the total supply of LUNC. Only Binance burned their LUNC trading fees to commit to LUNC off-chain burns.

From the total supply of Terra Luna Classic tokens, more than 18 billion have already been burned. 

However, considering the enormous overall supply of LUNC, which is over 6.9 trillion, many people think it will be difficult for current burn efforts to restore LUNC in the medium term.

According to Coingecko data, LUNC is currently trading at $0.00028261, up 4.5% in the previous 24 hours.

Also read: