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LUNC burn

New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?

Best Owie by Best Owie
2 months ago
in Crypto, Cryptocurrency Market News
Reading Time: 3 mins read

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.

LUNA Classic (LUNC) price chart from TradingView.com

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 Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from NewsBTC, chart from TradingView.com
Tags: cryptocrypto investorscrypto scamscryptocurrencyScamssurvey
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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