In a surprising development, Terraform Lab’s Terra Luna Classic has put forward a proposal to burn all Terra Luna Classic (LUNC) tokens obtained from the community pool, which were reminted through Binance’s LUNC burn mechanism.
The “Six Samurai,” a group of developers, have presented a proposal titled “Burn All the Lunc Reminted From Binance Customers’ Fees to Date” (proposal 11582). The proposal is now open for voting and seeks to burn a total of 899,224,538.5 LUNC tokens from the community pool.
The preliminary voting results reveal a divided community opinion regarding the proposal. Some express concern that burning a significant amount of LUNC from the community pool are discussed might not be wise. Conversely, there are those who believe that LUNC should be burned immediately, albeit in smaller weekly amounts, as it aligns with ethical principles.
The current voting results display 42% in favor of the proposal with 58% voting “No with veto.” This suggests that the community believes that 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, considering the community pool contains over 3 billion LUNC with 2.2 billion LUNC in it.
The Terra Luna Classic community has witnessed a substantial increase in the total LUNC burn, reaching nearly 65 billion. This remarkable rise can be attributed to the active participation of various projects and validators in the LUNC burn initiative.
However, Binance decided to reduce its contribution from 100% to 50% upon discovering that the LUNC burn was being reminted and added to the community now anticipates a significant burn in the upcoming batch of Binance’s LUNC burn mechanism.
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