Wednesday, February 1, 2023
HomeCrypto NewsThe Terra Classic Network to Stop Terra LUNC Re-Mints

The Terra Classic Network to Stop Terra LUNC Re-Mints

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According to a tweet sent out yesterday by community influencer and network validator Classy, the Terra Classic network has decided to stop Terra LUNC re-mints. 

A portion of the burned LUNC will no longer be re-minted by the Terra Classic network.

The governance vote on proposal 11242 was successful. According to the screenshot posted by Classy, the proposal received support from 95.98% of the network’s voting power or more than 66%.

As a result, at the end of each epoch, the network will no longer re-mine 10% of all LUNC burns.

Notably, it is only one part of a two-part proposal. The second part, proposal 11243, calls for a 500% rise in Terra Classic fees to compensate for the absence of burn tax seigniorage and finance the community pool. 

Remember that after each era, the community pool receives 50% of the gas fees collected.

According to a recent YouTube video by Crypto King, another influential member of the community, proposition 11243 has also succeeded. 

According to Crypto King, proposition 11242 is crucial to the link between the Terra Classic network and Binance.

Binance to Continue Terra LUNC Burn

Remember how the largest cryptocurrency exchange in the world by trade volume decided to postpone its LUNC burns until it had confirmation that the network would not re-mint their burns? 

Therefore, with the approval of Proposal 11242, the exchange should carry out its LUNC burns by March 1 as planned. 

Notably, instead of burning the complete 100% of all LUNC trading fees initially, the crypto exchange would now only do so 50% of the time.

The community is urging Binance to take down the LUNA warning label from CoinMarketCap, their platform for crypto data feeds. 

Vocal influencers claimed that the LUNA facelift would also help LUNC’s recovery.

According to data from TerRarity.io, the community has sent around 37.43 billion LUNC to the dead wallet as part of its effort to lower the 6 trillion LUNC supply with the assistance of its supporters, burning an average of 283.9 million LUNC every day. 

With 20.1 billion LUNC in burned trading fees, Binance remains the leading source of LUNC burns.

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