The Terra Luna Classic LUNC proposal #11549 will have the voting process take place in the next seven days.
Terra LUNC price has gained more than 14 percent in the past seven days amid several positive fundamentals.
The Terra Luna Classic (LUNC) opened Monday on a bullish outlook, despite the top digital assets – including Bitcoin, Ethereum, and BNB – edging lower during the early European market. According to the latest crypto data, the Terra Luna Classic’s native coin LUNC gained more than 11 percent in the past 24 hours to trade around $0.0001. Interestingly, the daily traded volume on LUNC spiked to as high as $428 million on a market cap of about $580 million.
As a result, the LUNC coin could be preparing for a more bullish outlook ahead of the ecosystem’s major leap toward sustainable and scalable smart contracts. Notably, the Terra Luna Classic core developers have been working on several network updates to attract more DeFi developers and crypto enthusiasts.
Terra Luna Classic Proposal to Accelerate Burn Rate
As a crypto token with an uncapped supply and a total circulating supply of about 6,848,010,210,552 units, the Terra LUNC community has been pushing for an accelerated burn rate to help existing coins gain more value. The LUNC hype is to see its underlying value hit $1 in the next major crypto bull market.
In the latest update, Twitter user Christopher Harris (@ForTheCross_CH), popularly known for his role as a validator on the Terra Classic network, introduced a proposal dubbed #11549 which is now live for the community’s decision.
Notably, proposal #11549 is meant to ensure off-chain Terra Classic LUNC burn, which could in turn obliterate millions of coins from circulating. The voting process has been scheduled for the next seven days to ensure more community members take part in the decision. Harris noted.
If the signaling proposal passes, the 1.5% on-chain tax (1.2% burn 0.3% funding) parameter change proposal will go up next on 8th June. If that passes on 15th June, it will go into effect around 21st June on-chain. Then my comprehensive plan to convince exchanges to apply the 1.2% burn tax off-chain on buys and sells is LIVE and will go into ACTION
Meanwhile, Terra LUNC investors who have staked through Harris have already secured a yes vote on the proposal. However, other LUNC stakers need to verify with their validator to confirm the decision if they have not redelegated.
Market Outlook
The Harris burn proposal has faced significant criticism due to the high taxes users will pay within the Terra Classic. Network. Notably, the majority of votes, amounting to more than 80 percent, have inclined towards the No. Harris hopes the proposal can eventually pass like the previous ones to increase the burn rate.
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For instance, Terra Rebels, a prominent Terra Classic development group, and Professor Kim in September 2022, formulated the initial burn concept that was overwhelmingly adopted by the community.
Most recently, dfunk, a notable member of the LUNC community, put forward a proposal to raise the burning tax to 0.5 percent, which was also approved by the community.
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