LUNC Targets $1 With Terra Classic Community Token Burn Proposal
- A member has proposed burning the entire tokens in Terra Classic’s Oracle Pool.
- The proposal launched with an initial deposit of 255,415 Terra Classic (LUNC).
- The Terra Classic community pool proposed for burning has 235 billion LUNC.
A Terra Classic (LUNC) community member has proposed burning the entire tokens in the community’s Oracle Pool. The proposal submitted about seven days ago launched with an initial deposit of 255,415 Terra Classic (LUNC). So far, 299,500 LUNC has been raised, a volume still far from the minimum of one million LUNC required to initiate the voting process.
The proposal, termed “Proposal 11398,” has the message “burn community pool. caused nothing but stress to burn the sh*t.” The community pool, in this case, refers to Terra Classic’s source of funds for project execution and efforts toward network development. That particular pool is funded with 10% of the overall 0.2% burn tax, and the release of funds depends on governance votes.
On March 2, 2023, Binance burned 8.9 billion LUNC in the latest quarterly burn exercise. That amount represented 50% of the total spot and margin trading fees for the token in the previ…
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