Luna Classic: Burn It NOW!
Luna Classic has been pumping since August 26th, when the platform was finally revived after 74% of the original validators upgraded to the chains’ new V22 Code, produced by the Terra Rebels. This upgrade, not only re-enabled staking but also contained the code for the 1.2% tax/burn initiative, due to be implemented on-chain (after a rate vote) on September 20th.
In a roadmap released by Terra Rebels’ lead, Edward Kim and Alex Foreshaw, entitled, A Path to Recovery for Luna Classic (“Recovery Plan”), the authors detailed the group’s plan for a full revival of Luna Classic, including the potential repegging of the UST algorithmic token.
The Recovery Plan outlines three critical phases for a successful Luna Classic revival:
PHASE ONE: Governance & Staking
The first challenge has already been accomplished, namely: The reestablishment of Luna Classic’s governance on August 26th and the enabling of the staking function on the 28th.
PHASE TWO: A Path to Burn
The second critical milestone in Luna Classic’s long journey ahead is the reduction of the 6.5 Trillion outstanding tokens. In order to deal with this monumental task, Terra Rebels decided to implement a modest 1.2% tax/burn plan designed to fund the purchase and burn of excess tokens down to 10 Billion units. According to…
