AnalysisCryptocurrency news

Attention! New Goal Announced in Terra Classic (LUNC): Could Be a Landmark!

Attention! New Goal Announced in Terra Classic (LUNC): Could Be a Landmark!

While the Terra Classic (LUNC) community continues to take striking steps under the slogan of resurrection, it enlarges its goals.

LUNC’s Eyes on Elon Musk!

The Terra Classic community is asking Robinhood and Coinbase to list LUNC to increase burn rate. Robinhood asked users in a tweet on Friday about the next cryptocurrency they would like the platform to list. Hundreds of comments came from the community suggesting that LUNC be listed. The Terra Classic community is also increasingly pressing for Coinbase to list LUNC. Social media has seen a lot of activity in Coinbase’s request to list LUNC. Last month, a petition was launched on by the Terra Classic community to have LUNC listed on Robinhood. So far, the campaign has received nearly 7,000 signatures. The Shiba Inu community used the same method to list SHIB on Robinhood.

Terra Classic
Terra Classic


Terra Classic validator LUNC DAO stated in a tweet yesterday that Elon Musk should accept LUNC as payment for Tesla vehicles. Musk’s answer is curious. But at the same time, the SEC’s view on Musk that he manipulated the cryptocurrency market continues. LUNC price has lost 3% in the last 24 hours and is currently trading at $0.0002327. The 24-hour lows and highs for LUNC are $0.000226 and $0.000241 respectively. Transaction volume fell 16% in one day.

Burn Rates Decreased!

According to data platform Classy Crypto report,  On-Chain volume on the Terra Luna Classic network soared after the community approved proposal 5234, reducing the burn rate from 1.2% to 0.2% of fees charged on transactions on the network. One of the reasons why the community lowered the 1.2% burn/tax rate to 0.2% was actually to achieve this. Notably, on-chain volumes decreased significantly following the implementation of the 1.2% rate in September. Duncan Day, the author of the proposal, commented on the development. According to the expert, it is too early for the community to comment on this development.

Terra Classic
Terra Classic

However, it should be noted that while the volumes increased significantly in LUNC, the desired figures were not achieved during the combustion process. In particular, Binance  CEO Changpeng Zhao, CZ, claimed that the lower tax rate led to more burning, so the goal of reducing the tax/incineration rate to increase volumes was also more efficient combustion. However, this is not the case yet, as combustion has decreased despite the increased volume since the implementation of the change. For example, 190 million tokans were burned from the October 18 change. After the change, on October 19, only 158 million tokens were burned. This represents a 17% decrease.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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