Lead developer at Terra Rebels, Tobias Andersen, had some plain talk at the ongoing AMA about the continuous LUNC burn mechanism. Tobias admitted that the burn rate of the LUNC will be low for a couple of years in the future. He also opined that the present burn rate of 1.2% is very meager, and it will take centuries before enough LUNC is burned before the value of LUNC will reach back to $1.
Anderson added that the Luna Classic ecosystem needed a new induction of ideas, and its economic engines must be started again. This would require through swaps and enhanced trading volume, which, even if it has a lower burn tax to pay, would nonetheless conclude by burning much faster.
Controversial Luna Classic Proposal Gets Passed
Another significant development that will bring drastic changes to the Luna Classic ecosystem is passing the Classic governance proposal. Interestingly, the proposal passed with less than 30% of the validators voting in.
This fact was revealed in a tweet yesterday by Rex Harrison, also known as Rexzy, who serves as the organization’s head of TerraCVita. Rex said that the proposal christened 10879 had passed the governance vote with less than 30% of validators participating.
Rex wrote that
My article on recovering us from the aftermath of 10879 passed on a voter turnout of less than 30% of validators. It’s old school, but it’s worked for millennia.
I just published Trouble at City Hall — financing the LUNC road map. https://t.co/iPQL5ZScQW
— Rexyz (@RexYellerBelly) November 9, 2022
The Luna Classic proposal has evoked considerable debate in the community, and it will be privy to the spending of the community assets on an on-chain governance vote hereafter. For now, the Terra community is trying once again to set up its broken chain in order, and the latest discussion is centered on how to pay existing developers and attract new ones.