remints - Terra Classic Community Puts An End To LUNC Re-Mints
The Terra Classic network will no longer re-mint a percentage of burnt $LUNC.
The Terra Classic network has voted to end Terra Luna Classic ($LUNC) re-mints, per a tweet from community influencer and network validator Classy yesterday.
It comes as proposal 11242 passed the governance vote. Per the screenshot shared by Classy, the proposal attracted over 66% of the network’s voting power, with 95.98% voting in favor. Consequently, the network will no longer re-mint 10% of all $LUNCburns at the end of each epoch.
As of 4 hours ago, $LUNCreminting is NOW GONE!
NO LONGER WILL THEY REMINT OUR BURNT #$LUNC!
RETWEET TO SPREAD THE WORD!#LUNACLASSIC $BURNMOVEMENT IS COMING BACK! pic.twitter.com/cPSvtoDroQ— Classy ?? (@ClassyCrypto_) January 11, 2023
Notably, it is half of a 2 part proposal. The second part, proposal 11243, pushes to increase Terra Classic fees by 500% to compensate for the lack of burn tax seigniorage and fund the community pool. Recall that 50% of the collected gas fees are sent to the community pool at the end of each epoch.
Per a recent YouTube videofrom Crypto King, another community influencer, proposal 11243 has also passed the pass threshold. As highlighted by Crypto King, proposal 11242 is vital to the Terra Classic network’s relationship with Binance.
Recall that the world’s leading crypto exchange by trading volume optedto halt its $LUNCburns till it received assurances that the network would not re-mint its burns. Consequently, with proposal 11242 passing, the exchange should continue its $LUNCburns by March 1, as promised. Notably, the crypto exchange will only burn 50% of all $LUNCtrading fees going forward instead of the original 100%.
The community is now calling on Binance to remove the $LUNAwarning label from CoinMarketCap, its crypto data feed platform. According to vocal influencers, the $LUNAface lift would aid the recovery of $LUNCas well.
On its journey to reduce the 6 trillion $LUNCsupply, the community, with its supporters’ help, has sent about 37.43 billion $LUNCto the dead wallet, boasting an average burn of 283.9 million $LUNCdaily, per datafrom TerRarity.io. Binance remains the largest contributor to $LUNCburns, with 20.1 billion $LUNCin trading fees burnt.
This detailed match analysis covers key moments, player performances, and tactical insights.
?? Key Statistics
Possession: 55% - 45%
Shots on target: 6 - 3
Pass accuracy: 88% - 82%
Corners: 5 - 2
?? Player Ratings
- Home MVP: John Doe (9.2)
- Away MVP: James Smith (8.7)
??? Post-Match Analysis
The manager praised the team's resilience after coming from behind. "We showed great character," he said.
This win moves them to the top of the league table with 45 points.
Final whistle analysis: The tactical shift in the second half proved decisive.