LUNC Staking Hits $1B as Community Votes on Tax Burn Proposal
• LUNC staking reaches all-time high of $975 million.
• The community is voting on a 0.5% tax burn proposal.
• Objections to the proposal exist, with some arguing that whales wouldn’t be interested in trading $LUNC with a higher burn tax.
LUNC Staking Reaches All-Time High
Terra Luna Classic (LUNC) staking reached an all-time high of $975 million, with 14.23% of all LUNCs being staked according to Mr. Diamond Handz, a validator for the Terra Luna blockchain. This comes just a week after the LUNC community voted for parity proposal #11511 to onboard Terra 2.0 dApps onto LUNC, signaling an increased interest in the network and potentially reducing the circulating supply in the market which could help maintain LUNC’s price over time.
Parity Proposal Put Up by L1 Task Force
The Terra Luna network validator Edward Kim proposed the switch to an AI chain app, which would create a security vault to restore the value of Terra Classic USD (USTC) as part of parity proposal #11511 voted by members of the community last week . Now, attention has shifted towards another potential parity proposal – a 0.5% tax burn aimed at increasing demand for $LUNC and further reducing circulating supply in order to increase its price over time.
Strong Objections Exist Towards Tax Burn Proposal
41% of voters agree with this proposed 0.5% tax burn on every transaction including divergence fees; however, strong objections remain from certain parties such as Mr Diamond Handz who argues that whales wouldn’t be interested in trading $LUNC under such conditions due to their large holdings diminishing value if burnt away through taxes or fees.
Split Opinion Amongst Community Members
The discussion between community members has been split into two camps: those who are for burning taxes and those who are against it – exemplified by one member asking “Why we still fannying about with the tax?” calling into question whether burning taxes would bring about any significant change at all or just cause unnecessary disruption within Terra Luna’s ecosystem
Despite these objections, 41% have already voted yes towards implementing this 0.5% tax burn policy which could become reality soon if more people vote positively towards it – resulting in higher demand for $LUNCs and potentially restoring its value back up again over time once more coins are taken out of circulation through taxation/burning fees