While most of the cryptocurrencies were facing a downtrend, there was one currency that was enjoying the price rise in backdrop. Terra’s new chain Terra Classic (LUNC) is the one which is having its heydays with an increased bullish moment.At the time of writing, Terra Classic (LUNC) has gained 6.32% in the last 24hrs and is trading at $0.0002806. The immediate resistance for the currency lies at $0.0003000 and the support is positioned at $0.0002500.More Terra Classic (LUNC) Burn MethodsMeanwhile, a developer group known by the name of Terra Rebels has stated that the Terra Classic (LUNC) burn mechanism should be implemented more effectively. As per the Twitter post, the group claimed to have had a discussion with one of their associates. The associate who is dedicatedly working towards LUNC said that there is a need to inculcate more effective ways of burning Terra Classic.Had a full 4hr+ chat with @DemonMonkey777 last night and we both ‘personally’ agree a more effective way to burn the #LUNC mountain is through utility and building with dApps competing to burn the most LUNC, rather than an on chain tax, just as #Binance is doing voluntarily.— TerraRebel (@RexYellerBelly) October 14, 2022 As per the statement, Terra Rebel and the associate had a discussion for about four hours and this was the major focus of discussion. Further, the developer group claimed that if utilities are created for LUNC then other decentralized applications (dApps) will come forward to burn more Luna Classic.Though the present 1.2% tax burn is on the process, Terra Rebels is not with a thought of just depending one one such process, instead they are looking forward to implementing more initiative.Had a full 4hr+ chat with @DemonMonkey777 last night and we both ‘personally’ agree a more effective way to burn the #LUNC mountain is through utility and building with dApps competing to burn the most LUNC, rather than an on chain tax, just as #Binance is doing voluntarily.— TerraRebel (@RexYellerBelly) October 14, 2022 Until now, 18 billion of Terra Classic (LUNC) supply has been burnt and till today it’s only Binance, the world’s largest cryptocurrency, is supporting LUNC burning by burning LUNC trading fees received by the platform. LUNC has a total supply of nearly 6.9 trillion and due to this huge number most market participants believe its difficult to burn all with just 1.2% tax burn.Was this writing helpful?
