October 1, 2022

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Terra Classic LUNC burn goes live

Terra LUNA Classic (LUNC) 1.2% Tax Burn . Live Streaming

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It’s time to burn 1.2% taxes.

reXx member Terra Rebels announced the update:

After weeks of anticipation and excitement, the Terra Classic tax parameter change has begun to take effect. Thus, users will be charged a 1.2% tax on all on-chain transactions, with the collected fees sent to the Terra burn wallet to drop the oversupply from LUNC.

Notably, this tax rate is set to work until the total LUNC supply drops to 10 billion tokens. To put things into perspective, the current supply of LUNC is about 6.9 trillion. To achieve this goal, the supply of assets must be reduced by 99.82%.

It should be noted in the previous Analytics Done by Encryption basicsGiven user reviews, it will take nearly a decade for LUNC’s supply to be reduced to 40 billion with a burn rate of 1.2%, provided the volume is maintained and the price is kept low. It is worth noting that, based on this analysis, with a hypothetical market capitalization of $40 billion, the asset may be able to fork the $1 price point within seven years. Notably, using the same hypothetical market capitalization and displaying 10 billion in coin perspective reveal That the asset quadruples this expected price and could grab the $4 price point.

However, it will be interesting to see how the network will continue to maintain high volume while keeping price low even with reduced supply. as such highlighted By LUNC Burn, an unofficial Twitter account that tracks LUNC burning activity, hours before the burn started, about 4.1 billion LUNC were burned without parameter change. It will be interesting to see how this number changes over time.

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Notably, the token ranks third in terms of 24-hour trading volume on Binance, reaching $210 million at press time.

Meanwhile, two other trading platforms pledged to support the 1.2% tax cut proposal yesterday with two very different implementations. While Crypto.com You will only charge deposits and withdrawalseToro It may also apply it to off-chain transactions (trading)splitting the tax rate between buyers and sellers by adding a 6% fee in addition to the standard 1% tax for both parties.

At press time, LUNC is trading at a price point of $0.0003036, 0.55% lower than the last 24 hours.

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