A new Terra Classic proposal aims to burn over 899 million LUNC previously reminted by the community shortly after Binance had initially burned them. The Terra Classic community has created Proposal 11582, a new proposal to once again incinerate over 899 million LUNC tokens initially burned by Binance.  These tokens, currently worth $82K+ against prevailing […] The post LUNC Journey to $1: 899M+ Terra Classic to be Burned Via New Proposal first appeared on The Crypto Basic.

LUNC Journey to $1: 899M+ Terra Classic to be Burned Via New Proposal

A new Terra Classic proposal aims to burn over 899 million LUNC previously reminted by the community shortly after Binance had initially burned them.

The Terra Classic community has created Proposal 11582, a new proposal to once again incinerate over 899 million LUNC tokens initially burned by Binance. 

These tokens, currently worth $82K+ against prevailing rates, were previously reminted by the community through a series of past proposals that aimed to increase the community pool funds.

Binance did not take the reminting process favorably, leading to a  suspension of burns  last December. The exchange only agreed to reintroduce its LUNC burns once the community enacts measures to desist from reminting burned tokens.

Binance  resumed burns in March  following the removal of the reminting policy, but previously- reminted tokens were not burned. 

In the new proposal submitted by community member Powski, the LUNC community aims to burn these reminted tokens and restore trust with Binance and other stakeholders.

Based on the analysis, it has been calculated that 899,224,538.5 LUNC tokens were reminted from the funds Binance sent to the Burn Wallet. The proposed solution suggests transferring this amount from the Community Pool to the Burn Wallet. 

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