New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?
23 Marzo 2023 - 6:00PM
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Terra Classic (LUNC) has been suffering since the unfortunate event
that happened in May 2022. After the network’s collapse, the
cryptocurrency lost over 99% of its value. As a result, investors
lost billions of dollars, but the network is far from dead as
community members continue to push as they try to get the digital
asset to its past glory. New LUNC Proposal Wants To Burn 3.4% Of
Supply A new LUNC proposal has come with an unexpected twist. Where
most other proposals in the community so far have asked that there
should be some kind of burn tax imposed on transactions, Proposal
11398 wants the community to burn the Oracle Pool. Related Reading:
Can Ethereum Fall Below $1,500? Here Are Factors That Could Drive
It Now, burn requests are not new to the LUNC community due to its
very large supply, but the Oracle Pool is important because this is
where funds to finance projects on the network come from. This pool
holds around 3.4% of the total LUNC supply, which comes out to over
256 billion tokens. According to the author of the proposal, the
community pool has “caused nothing but stress.” Their solution on
how to deal with this is to actually burn the entirety of it.
However, the proposal is still struggling to catch on as it still
lies below the 1 million LUNC tokens threshold for it to pass to
the governance vote stage. Terra Classic trending at $0.000126 |
Source: LUNCUSD on TradingView.com Interestingly, the proposal is
seeing some support on social media as community members took to
Twitter to share their thoughts on it. @LUNCDAO, a prominent
Twitter account in the community, tweeted in support of the
proposal with replies to their tweet also in support. Will Such A
Burn Help The LUNA Classic Price? Removing such a good percentage
of the supply from circulation would no doubt have a positive
impact on the price of the digital asset. In fact, if the community
pool were to be burned, it would account for over 500% more tokens
burned than what has been collectively burned since the LUNC burn
started around a year ago. Related Reading: XRP, ADA Lead Market
Rally With Double-Digit Gains, More Upside To Come? However, it is
important to remember that such community pools are in place to
help further the development of the network. As such, it is needed
to encourage developers to build on the network. This is likely why
the proposal will never pass. At best, it gets 1 million tokens
deposited to take it to the governance stage but it would quickly
be vetoed and voted No because of the importance of the Oracle
Pool. As for LUNC’s price, it is still trending around the
$0.000125 level, down 1.86% in the last day. The coin has a
circulating supply of over 5.9 trillion tokens, which makes a $1
price point impossible for the digital asset at this point. Follow
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