Terra Luna Classic Validator Proposes Unique Burn Mechanism To Revive LUNC To $1

Terra Luna Classic community burns massive amounts of LUNC tokens to reduce the supply and revive the ecosystem. One of the top validators submitted a proposal to improve the recently implemented dynamic minimum commission (dyncomm) mechanism for validators. It asserts burning LUNC tokens by top validators from the extra commission they earn following dyncomm.

Terra Luna Classic Validator Led-Burn

Lunanauts validator submitted a proposal for discussion on the Commonwealth forum, aiming to improve dyncomm for burn and oracle pool. However, the validator admits that the proposal still needs work and a formula to tweak the dyncomm.

“These adjustments aim to maintain fairness among validators of different sizes, promote a balanced distribution of additional commission sets, and incorporate governance input for ongoing optimization. Implementing these suggestions can contribute to a more robust and equitable dynamic minimum commission system,” said the validator.

The validator suggests changes in ‘validator size neutrality’ to prevent larger validators from disproportionately benefiting. In addition, distribute the extra dyncomm sets to burn, oracle pool, and community pool in a 50/25/25 manner. Governance input on allocation parameters and regular evaluation of allocation mechanism for top validators.

Lunanauts cited that Allnodes wanted a 10% commission but the dynamic minimum commission increased it to 20%, “why not send the extra 10% to burn and oracle pool.”

Read More: Terra Luna Classic Burn Hits 85 Billion Milestone, LUNC & USTC Prices Recover

LUNC and USTC prices remain under selling pressure amid the broader crypto market. Investors continue profit booking due to low trading volumes in the last few days. However, the community is optimistic about an upcoming recovery.

LUNC price fell 8% in the last 24 hours, with the price currently trading at $0.00017. The 24-hour low and high are $0.000175 and $0.000214, respectively. However, trading volume has increased by 16% in the last 24 hours.

Meanwhile, USTC price trades at $0.0407, down 7%. The 24-hour low and high are $0.0412 and $0.0512, respectively. The trading volume has increased by 100% in the past 24 hours.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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