330B Tokens Needed To Hijack Terra Classic, Critic Says Community Forcibly Urging Exchanges To Apply Trading Burns

Prominent Terra Whistleblower Calls Out LUNAtics for Soliciting for LUNC Tax Burn Compliance from Exchanges.

Renowned Terra whistleblower FatMan comes for Terra proponents for calling for exchange compliance of the LUNC 1.2% tax burn.

Terra proponents have recently revitalized their campaign for Terra Classic (LUNC), as the asset shows signs of a comeback. The Terra community recently revisited a long-forgotten burn proposal for LUNC that could assist in cutting down the asset’s circulating supply which surged during the Terra crash. 

LUNAtics have been demanding that exchanges implement the tax burn, but FatMan is not having it. FatMan took to Twitter to express his displeasure, dubbing the recently proposed tax burn mechanism “suicidal.” 

LUNC has voted in the suicidal on-chain burn tax, which is their prerogative. But they’re now running around demanding that exchanges forcibly steal a cut out of traders’ transactions and throw it into the burn wallet to pump their token price. Selfish, silly and anti-blockchain. https://t.co/GbLh3ugkJL

— FatMan (@FatManTerra) September 16, 2022

“LUNC has voted in the suicidal on-chain burn tax, which is their prerogative. But they’re now running around demanding that exchanges forcibly steal a cut out of traders’ transactions and throw it into the burn wallet to pump their token price,” FatMan said in the tweet.

According to FatMan, the campaign from LUNAtics is a “selfish, silly and anti-blockchain” demand. Speaking further, FatMan highlighted a seemingly growing concern with LUNC, citing a Terra analyst. 

“Only 0.5 trillion LUNC currently staked, so you just need 0.33 trillion (equals to 330B) to completely hijack the chain. The circulating supply of LUNC is ~6.5 trillion. LUNC is like a giant bank vault, where multiple unknown people have a key,” FatMan quoted. 

FatMan’s commentary came in response to recent criticisms of Kraken and Binance from a community-driven Terra Twitter handle. The handle dubbed Kraken and Binance “scumbags” due to their reluctance to support the tax burn on LUNC trading.

We are discovering some quite interesting parallels between #Binance and #Kraken being the scumbags of the same sort, as neither is willing to support the off-chain burn of #LUNC «237 Kearny Street #102» is the address, and I do wonder if #102 belongs to Kraken at all??

— ? Terra Rebels Alliance ? (@Terra_Alliance) September 12, 2022

It bears mentioning that these exchanges have already declared support for on-chain burns. Binance, in particular, highlighted that they would start with on-chain burns before considering implementing LUNC trading burns.

The Crypto Basic reported that about nine exchanges had indicated support for the LUNC 1.2% tax burn, with Kraken being the latest. Amongst the nine exchanges, only three have indicated readiness to implement the tax burn on LUNC trading. It appears the majority of LUNAtics are not pleased with this.

Terra proponents recently launched a campaign to resurrect Terra Classic, as the asset previously staged a massive comeback. The community is looking to make the asset whole through the 1.2% tax burn and the staking mechanism. Both measures are aimed at curtailing the asset’s supply which currently sits at 6.1 trillion tokens.

The recent rally from LUNC has faced a massive rejection as it comes to a halt. Despite this opposition, the asset is still trading above its previous value in the past month. LUNC is currently changing hands at $0.00027 at the time of reporting, down 39% in the past week.

LUNC still remains on the top 35 list of largest digital assets. With a current market capitalization of $1.64B, LUNC is the 33rd largest mainstream crypto asset by valuation. LUNC staking is gaining ground, with 565.5B staked as of press time, representing 8.1% of the total supply. This data is provided by a LUNC staking bot on Twitter.

Supply and staking of LUNC

SUPPLY
total: 6,903,358,508,486

STAKED
bonded: 565,509,056,108
unbonded: 98,654,178,097

STAKING RATIO
9.621%(bonded: 8.192%)

2022-09-16 14:20 UTC#LUNC

— LUNC staking (@LuncStaking_Bot) September 16, 2022

Source