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200M LUNC Gets Minted On Terra Classic (LUNC) Chain, Here Is Why

27 Oct, 20223 min readOther
200M LUNC Gets Minted On Terra Classic (LUNC) Chain, Here Is Why

The Terra network’s new chain Terra Classic (LUNC) has been facing a severe pump and dump pattern for a few days. There was some calmness achieved on the last day but LUNC couldn’t hold onto it for long. Today, the currency has yet again slipped.

At the time of reporting, Terra Classic (LUNC) is trading at $0.000242 after a drop of 2.98% over the last 24hrs. LUNC’s immediate resistance is positioned at $0.000250 while the support is seen at $0.000235.

Meanwhile, LUNC traders were taken on a surprise ride after there was green candle formation on StakeBin website through which the public can track LUNC supply.

0.2% LUNC Tax Burn Mints 200M LUNC

As per the candle, 200 million LUNC has been minted which has awestruck the community.

Did we just minted another 173M #Lunc ? — SSL (@CRYPTOSHAWN7861) October 26, 2022

Later, it was Terra Classic’s independent developers team who had to pop in to confirm that this minting figure was the result of proposal 5234 which was recently approved by the community. Also, Tobias Andersen who is also known as Zaradar, Terra Classic’s core developer shared an article by another core developer Edward Kim. The article mentions that the community should not be surprised if the chart flashes green.

— Tobias Andersen (@ZaradarTR) October 26, 2022

The proposal 5234 is the one which was recently approved by the community to reduce the on-chain tax burn of 1.2% to 0.2%. The proposal also claims to give away 10% of the burn to the community pool in order to fund development activities. This give away will be done approximately every seven days. The same is confirmed in Kim’s blog post.

On the other hand, some members are of the opinion that Binance burn and other independent burns conducted by the community members and its supporters should be moved out.

is that 200M #LUNC 10% of the bunt amount for the last 7 days? if yes, then you count #Binance burn, validators burns, and the person's own initiatives to burn.all of the above burns are PRIVATE money and must not be counted in minting.— Muhammad Ibrahim (@Muhamma44883621) October 26, 2022

In reply to the concern raised, one of the members of Terra Rebels, reXx suggests that the community can remove the difference from the community pool and then transfer it to the burn address.

Please do not be alarmed with the recent “mint” candle. — reXx (@reXxTerraRebels) October 26, 2022

Well, will have to wait for the community to make any further decisions.

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