Terra Luna Classic (LUNCUSD)

[MindlessSelf]

Well they reinstated staking of lunc. This enables users to lock up some or all of their supply to earn interest. The more that can get locked, the less there is in circulation.

Next there is a vote open that is at like 99% approval to implement a Bùrn tax of 1.2% on every on chain transaction. They supply is out of control and this burn tax will get it back within reason hopefully.

There are close to 7 trillion lunc tokens which is why price is so low. This tax can reduce that. For example, ~3.5 billion lunc traded yesterday. 1.2% burn tax had been live would have burned 420 million tokens in ONE day.

So staking and burning are going to help clean some of this mess up. But if we want to see higher than a penny, we then need to see something built on the chain to provide value. But we are taking baby steps. We are seeing life here because they are trying to clean up the supply amount which had spiraled out of control. This was once a $100+ coin. The algorithm tripped up and crashed the stock and generated trillions of coins. Learn from these mistakes and hope to bring it back.