{"id":524267,"date":"2023-03-23T17:00:07","date_gmt":"2023-03-23T17:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=524267"},"modified":"2024-06-11T08:10:04","modified_gmt":"2024-06-11T08:10:04","slug":"new-proposal-wants-to-burn-all-coins-in-lunc-oracle-pool-will-this-help-the-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/new-proposal-wants-to-burn-all-coins-in-lunc-oracle-pool-will-this-help-the-price\/","title":{"rendered":"New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?"},"content":{"rendered":"

Terra Classic (LUNC) has been suffering since the unfortunate event that happened in May 2022. After the network\u2019s collapse, the cryptocurrency lost over 99% of its value. As a result, investors lost billions of dollars, but the network is far from dead as community members continue to push as they try to get the digital asset to its past glory.<\/p>\n

New LUNC Proposal Wants To Burn 3.4% Of Supply<\/h2>\n

A new LUNC proposal has come with an unexpected twist. Where most other proposals in the community so far have asked that there should be some kind of burn tax imposed on transactions, Proposal 11398<\/a> wants the community to burn the Oracle Pool.<\/p>\n

Related Reading: Can Ethereum Fall Below $1,500? Here Are Factors That Could Drive It<\/a><\/div>\n

Now, burn requests are not new to the LUNC community due to its very large supply, but the Oracle Pool is important because this is where funds to finance projects on the network come from. This pool holds around 3.4% of the total LUNC supply, which comes out to over 256 billion tokens.<\/p>\n

According to the author of the proposal, the community pool has \u201ccaused nothing but stress.\u201d Their solution on how to deal with this is to actually burn the entirety of it. However, the proposal is still struggling to catch on as it still lies below the 1 million LUNC tokens threshold for it to pass to the governance vote stage.<\/p>\n

\"LUNA<\/p>\n

Terra Classic trending at $0.000126 | Source: LUNCUSD on TradingView.com<\/a><\/pre>\n
Interestingly, the proposal is seeing some support on social media as community members took to Twitter to share their thoughts on it. @LUNCDAO, a prominent Twitter account in the community, tweeted<\/a> in support of the proposal with replies to their tweet also in support.<\/p>\n
Will Such A Burn Help The LUNA Classic Price?<\/h2>\n
Removing such a good percentage of the supply from circulation would no doubt have a positive impact on the price of the digital asset. In fact, if the community pool were to be burned, it would account for over 500% more tokens burned than what has been collectively burned since the LUNC burn started around a year ago.<\/p>\n
Related Reading: XRP, ADA Lead Market Rally With Double-Digit Gains, More Upside To Come?<\/a><\/div>\n
However, it is important to remember that such community pools are in place to help further the development of the network. As such, it is needed to encourage developers to build on the network. This is likely why the proposal will never pass. At best, it gets 1 million tokens deposited to take it to the governance stage but it would quickly be vetoed and voted No because of the importance of the Oracle Pool.<\/p>\n
As for LUNC\u2019s price, it is still trending around the $0.000125 level, down 1.86% in the last day. The coin has a circulating supply of over 5.9 trillion tokens, which makes a $1 price point impossible for the digital asset at this point.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from NewsBTC, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Terra Classic (LUNC) has been suffering since the unfortunate event that happened in May 2022. After the network\u2019s collapse, the cryptocurrency lost over 99% of its value. As a result, investors lost billions of dollars, but the network is far from dead as community members continue to push as they try to get the digital asset to its past glory. New LUNC Proposal Wants To Burn 3.4% Of Supply A new LUNC proposal has come with an unexpected twist. Where most other proposals in the community so far have asked that there should be some kind of burn tax imposed on transactions, Proposal 11398 wants the community to burn the Oracle Pool. Related Reading: Can Ethereum Fall Below $1,500? Here Are Factors That Could Drive It Now, burn requests are not new to the LUNC community due to its very large supply, but the Oracle Pool is important because this is where funds to finance projects on the network come from. This pool holds around 3.4% of the total LUNC supply, which comes out to over 256 billion tokens. According to the author of the proposal, the community pool has \u201ccaused nothing but stress.\u201d Their solution on how to deal with this is to actually burn the entirety of it. However, the proposal is still struggling to catch on as it still lies below the 1 million LUNC tokens threshold for it to pass to the governance vote stage. Terra Classic trending at $0.000126 | Source: LUNCUSD on TradingView.com Interestingly, the proposal is seeing some support on social media as community members took to Twitter to share their thoughts on it. @LUNCDAO, a prominent Twitter account in the community, tweeted in support of the proposal with replies to their tweet also in support. Will Such A Burn Help The LUNA Classic Price? Removing such a good percentage of the supply from circulation would no doubt have a positive impact on the price of the digital asset. In fact, if the community pool were to be burned, it would account for over 500% more tokens burned than what has been collectively burned since the LUNC burn started around a year ago. Related Reading: XRP, ADA Lead Market Rally With Double-Digit Gains, More Upside To Come? However, it is important to remember that such community pools are in place to help further the development of the network. As such, it is needed to encourage developers to build on the network. This is likely why the proposal will never pass. At best, it gets 1 million tokens deposited to take it to the governance stage but it would quickly be vetoed and voted No because of the importance of the Oracle Pool. As for LUNC\u2019s price, it is still trending around the $0.000125 level, down 1.86% in the last day. The coin has a circulating supply of over 5.9 trillion tokens, which makes a $1 price point impossible for the digital asset at this point. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from NewsBTC, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":524275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[6664,85323,14118,1558,8826,4021],"class_list":["post-524267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto","tag-crypto-investors","tag-crypto-scams","tag-cryptocurrency","tag-scams","tag-survey"],"acf":[],"yoast_head":"\nNew Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?<\/title>\n<meta name=\"description\" content=\"Terra Classic (LUNC) has been suffering since the unfortunate event that happened in May 2022. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?","url":"http:\/\/wncen.com\/news\/new-proposal-wants-to-burn-all-coins-in-lunc-oracle-pool-will-this-help-the-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/new-proposal-wants-to-burn-all-coins-in-lunc-oracle-pool-will-this-help-the-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/LUNC-burn.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/LUNC-burn.jpeg?fit=1024%2C576"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto investors","crypto scams","cryptocurrency","scams","survey"],"dateCreated":"2023-03-23T17:00:07Z","datePublished":"2023-03-23T17:00:07Z","dateModified":"2024-06-11T08:10:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/new-proposal-wants-to-burn-all-coins-in-lunc-oracle-pool-will-this-help-the-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/new-proposal-wants-to-burn-all-coins-in-lunc-oracle-pool-will-this-help-the-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/LUNC-burn.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/LUNC-burn.jpeg?fit=1024%2C576\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto investors\",\"crypto scams\",\"cryptocurrency\",\"scams\",\"survey\"],\"dateCreated\":\"2023-03-23T17:00:07Z\",\"datePublished\":\"2023-03-23T17:00:07Z\",\"dateModified\":\"2024-06-11T08:10:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/LUNC-burn.jpeg?fit=1024%2C576","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524267"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=524267"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524267\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524275"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=524267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=524267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=524267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}