Terraform Lab's Proposal to Incinerate Binance-Reminted LUNC Tokens Sparks Community Debate

Terraform Lab’s Proposal to Incinerate Binance-Reminted LUNC Tokens Sparks Community Debate

Altcoin news, News

Terraform Lab’s Terra Luna Classic has made a surprising proposal to burn all Terra Luna Classic (LUNC) tokens obtained from the community pool. These tokens were reminted using Binance’s LUNC burn mechanism.

The proposal, titled “Burn All the Lunc Reminted From Binance Customers’ Fees to Date” (proposal 11582), was presented by the group of developers known as the “Six Samurai.” It is currently open for voting and aims to burn a total of 899,224,538.5 LUNC tokens from the community pool.

Preliminary voting results show a divided opinion within the community regarding the proposal. Some are concerned that burning a significant amount of LUNC from the community pool may not be a wise decision. On the other hand, some believe that LUNC should be burned immediately, albeit in smaller weekly amounts, as it aligns with ethical principles.

Currently, 42% of the votes are in favor of the proposal, while 58% are voting “No with veto.” This suggests that the community believes burning all LUNC from the community pool will have an impact on spending proposals. Only JESUSisLORD and Classy’s Sphere validators have supported the proposal, while Happy Catty Crypto, T.MOM, and MoonRunners have rejected it.

Classy Crypto from Classy’s Sphere validator proposed a weekly burn of 50 million LUNC as a symbolic gesture of Binance’s contribution to the LUNC burn campaign. This proposal takes into consideration that the community pool currently contains over 3 billion LUNC, with 2.2 billion LUNC in it.

The Terra Luna Classic community has seen a significant increase in the total LUNC burn, reaching nearly 65 billion. This rise can be attributed to the active participation of various projects and validators in the LUNC burn initiative.

However, Binance has decided to reduce its contribution from 100% to 50% after discovering that the LUNC burn was being reminted and added to the community pool. Now, there is anticipation for a significant burn in the upcoming batch of Binance’s LUNC burn mechanism.

Compiled by Coinbold

Binance, LUNA