Terra Classic (LUNC) Seeks Financial Support From Binance’s Industry Recovery Initiative
The Developers of Terra Classic (LUNC) are reportedly planning to apply for technical support from Binance’s industry recovery initiative. However, with the recent suspension of the Terra burn channel on Binance, experts are speculating whether Binance would offer to help the network.
LUNC Developers Wants Binance’s Initiatives Support
Recently, Binance announced that instead of burning 100% LUNC spot and margin trade charges as initially planned, it would burn only 50%. In addition, the giant exchange suspended the LUNC burn mechanism on its platform till March.
However, shortly after the suspension, Binance publicly announced that it welcomes blockchain developers to take advantage of its Industry Recovery Initiative (IRI). The announcement appeals to many network developers, especially the Terra Classic developers, who aim to improve their platform.
In a recent development, reports confirm that several Terra Classic developers plan to apply for the Binance initiative to receive funds for their development plans and activities on the LUNC chain. According to the report, LUNC developers are currently working to prevent LUNC coins from reminting.
There have been reports of a possible unison between the collapsed Terra network (LUNA) and Terra Classic (LUNC) sometime in the future.
LUNC Community Dedicated To Develop The Platform
Despite Binance temporarily suspending its LUNC monthly burn channel, the Terra Classic community showed excellent determination to burn more LUNC tokens in 2023. The community has increased the burn rate to revive the system by drastically reducing circulating LUNC tokens.
According to reports, they have successfully burnt about 145 million LUNC tokens this year. In addition, they recently passed the 11111 proposal, which enables 10% to remint from 0.2% burn tax instead of the initial 50%.
Also, the community approved the 11168 proposals to create the joint L1 Task Force proposed by top developers Edward Kim and Zaradar. Per the proposal, about 908,000,000 LUNC tokens ($141.75K) would be donated to the team for the L1 developments and maintenance.
According to the developers, the community would experience multiple utility cases on the chain in the coming months. Furthermore, the series of developments and proposal approvals on the Terra Classic have culminated over the months to enable the LUNC token to break out of a 3-month declining trend.
The LUNC price rallies continue to build up as the burn rate of the token increases.
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