LUNC Journey to $1: Embracing Proposal 11582 to Incinerate Over 899 Million Terra Classic Tokens

Bombolo | News and Media

In a recent development within the Terra Classic community, Proposal 11582 has been introduced, aiming to address the issue of reminted LUNC tokens previously burned by Binance. With over 899 million LUNC tokens, valued at $82K+ according to current rates, this proposal seeks to restore trust and collaboration between the community and Binance, the prominent cryptocurrency exchange involved.

Also Read: The Future of Luna Classic (LUNC) and Its Potential to Reach $1 Again

Understanding the Background

In a recent development within the Terra Classic community, Proposal 11582 has been introduced, aiming to address the issue of reminted LUNC tokens previously burned by Binance. With over 899 million LUNC tokens, valued at $82K+ according to current rates, this proposal seeks to restore trust and collaboration between the community and Binance, the prominent cryptocurrency exchange involved.

The Proposed Solution

In the past, the Terra Classic community engaged in a series of proposals to increase their pool funds. This involved reminting burned tokens, which did not align with Binance's perspective on the matter. Consequently, Binance suspended further token burns in December. While burns were resumed in March, the reminted tokens were left unaddressed.

To rectify the situation and rebuild trust, a community member named Powski submitted Proposal 11582. The proposal outlines a plan to burn the reminted tokens and emphasizes the community's commitment to maintaining the integrity of the original 100% Buy-Back-And-Burn arrangement with Binance.

Also Read: Resurrecting the LUNC Ecosystem:Terra Classic's Revival Journey with a Team of Six Engineers

LUNC Community Response

As Proposal 11582 enters the voting phase, the community's response has been mixed. While no validator has voted "No" thus far, only two validators, JESUSisLORD and Classy's Sphere, have shown support by voting "Yes." On the other hand, the majority of votes cast have been in favor of "No with Veto," indicating a significant degree of resistance.

In support of the proposal, Classy, a prominent community influencer, expressed his endorsement via Twitter, emphasizing the proposal's importance. Classy acknowledged that reminting tokens was an inappropriate action taken by the community and suggested considering periodic token burns as an alternative approach.

Also Read: Terra Classic's Price Forecast and the Road Ahead for LUNC

Potential Impact on Terra Classic

Although Proposal 11582 does not aim to directly influence the price action of LUNC tokens, its implementation could have a positive impact on the ongoing burn campaign. The incineration of 899 million tokens in one go would substantially reduce the circulating supply of LUNC tokens. This reduction in supply could provide support for the revitalization plan, contributing to the long-term objective of achieving a value of $1 per token.

In conclusion, Proposal 11582 signifies the Terra Classic community's commitment to addressing the reminted LUNC tokens issue and rebuilding trust with Binance. The proposal seeks to rectify past actions and emphasize the community's dedication to the original agreement with Binance. While the outcome of the voting process remains uncertain, the proposal presents an opportunity for the community to strengthen its collaboration and work towards the long-term success of Terra Classic.

Also Read: The Surging Terra Luna Classic: Price Prediction and the Impact of Whale Accumulation

FAQs

What are LUNC tokens?

LUNC tokens are a form of cryptocurrency associated with the Terra Classic community and its blockchain ecosystem. These tokens serve various purposes within the network.

What is the significance of Proposal 11582?

Proposal 11582 aims to address the issue of reminted LUNC tokens that were previously burned by Binance. It proposes a solution to burn these tokens and restore trust with Binance and other stakeholders.

Who submitted Proposal 11582?

Proposal 11582 was submitted by a community member named Powski, who recognized the need to rectify the situation surrounding reminted LUNC tokens.

What is the impact of the proposal on Terra Classic's price action?

While the proposal is not intended to directly influence the price action of LUNC tokens, the incineration of reminted tokens could reduce the circulating supply and provide support for the revitalization plan.

How is the Terra Classic community responding to Proposal 11582?

The community response to Proposal 11582 has been mixed. While some validators have shown support, the majority of votes cast so far indicate resistance to the proposal, with the "No with Veto" option being the most popular choice.