Terra Luna Classic Burn Mechanism Revised By Binance: On September 26, 2024, Binance made a surprising announcement. The exchange revised its Terra Luna Classic (LUNC) burn mechanism. This change came after multiple burns in September, deviating from the usual monthly schedule. The LUNC community is buzzing with excitement and speculation.
Binance has been a major supporter of the Terra Luna Classic burn initiative. They have burned 64.47 billion LUNC tokens so far. This month, Binance conducted five additional burns. This is unusual as they typically burn tokens only on the first of each month. The extra burns have sparked optimism among LUNC holders. They believe this could lead to a significant price increase.
The revised burn mechanism involves burning 50% of the accumulated LUNC trading pair fees. This is a change from the previous practice of burning 100% of the fees. Binance also delayed the sending of the LUNC trading fee burn contribution until March 1, 2023. This was to exclude the fees from being re-minted. The recent burns included 199,389 LUNC tokens in five separate transactions. This has led to speculation that Binance has reversed its burn mechanism.
The LUNC community is also voting on a new proposal. This proposal aims to correct the number of validators allowed to work on the network. The number was mistakenly changed after a recent SDK update. The proposal would restore the maximum number of validators to 100. This could position the asset for a bull run in the near term.
Despite the increased burns, the LUNC price has not seen a significant rise. As of now, LUNC is trading at $0.00008749. The trading volume remains low, posing a challenge to Terra Classic’s revival efforts. The 24-hour trading volume is $33,298,448, which is much smaller than competing altcoins. However, LUNC is seeing bigger trading volumes compared to Axie Infinity (AXS) and Mantra (OM).
The community’s dedication to Terra Luna Classic’s success is inspiring. They are optimistic about the future despite the challenges. The recent burns and the new proposal show the community’s commitment to improving the ecosystem. The LUNC community believes that these changes will lead to a brighter future for Terra Luna Classic.
Binance’s decision to revise the burn mechanism is seen as a positive step. It shows their continued support for the Terra Luna Classic project. The extra burns in September have given the community hope. They believe that this could lead to a significant price increase in the future.
The LUNC community is also focused on improving governance and stability. The new proposal aims to solve governance issues and improve stability. Over 85% of the voters favored the proposal, reflecting enormous interest in the suggested modifications. This shows the community’s commitment to the project’s success.
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