Investing.com – Terra Rebels, an influential group in the Terra community, said on Twitter today that they are looking for new ways to make the LUNC burn more effective.
In this context, Terra Rebels announced in a statement that they held a meeting with Demon Monkey 777, another group supporting LUNC, to find new ways to burn Terra Classic.
Had a full 4hr+ chat with @DemonMonkey777 last night and we both 'personally' agree a more effective way to burn the #LUNC mountain is through utility and building with dApps competing to burn the most LUNC, rather than an on chain tax, just as #Binance is doing voluntarily.
— Rexyz (@RexYellerBelly) October 14, 2022
During the meeting, it was agreed that turning to decentralized applications would be an effective way to burn LUNC. Accordingly, new steps will be taken to ensure that more projects in the DeFi sector are deployed on the Terra Classic network.
The 1.2% cut-off burns that were put into use recently emerged as an important mechanism to reduce the supply of LUNC. However, the team has some concerns about its sustainability, as this combustion mechanism is dependent on user initiative. Taking a proactive approach on this face, Terra Rebels focuses on DeFi and believes that the solution for more LUNC burning will be the development of applications that will benefit the Terra Classic network.
The original blockchain network of the Terra ecosystem was abandoned by Do Kwon and his team after it collapsed in May. Then, some developers who wanted to revitalize the network in the summer came together in a group called Terra Rebels. Recently, Terra Rebels also revealed a roadmap to get the Terra Classic Blockchain network back on its feet.
The team’s ultimate goal is to reduce the amount of tokens in circulation after Do Kwon and his team mint billions of LUNA tokens before they leave the network, nearly zeroing the price of the coin.
Latest situation on LUNC price
In light of these activities, more than 18 billion LUNCs have been reported to have been burned so far. This figure is seen as a very low amount compared to the 6.9 trillion LUNC supply. Thinking that the current amount of tokens burned will not be enough to revive LUNC, the developer team continues to work to find new ways.
On the other hand, the LUNC price fluctuated in the range of $0.00018 – $0.00036 after a massive 550% increase in a short time from August to September 5. Having been in a downtrend for the past two weeks, LUNC has seen an 11% rebound in yesterday’s volatility to $0.00028 after falling as low as $0.000255.