Explaining #LUNC Proposal 10983:
Increasing Burned Funds From 10% to 50% Remint
We all want to burn the supply on LUNC. I don't believe there are any LUNC holders who would disagree.
🧵
Increasing Burned Funds From 10% to 50% Remint
We all want to burn the supply on LUNC. I don't believe there are any LUNC holders who would disagree.
🧵
Our first idea was to have a burn tax, which I was hopeful about, but it turned out the on chain volume wasn't high enough to burn supply quickly so we appealed to the exchanges to implement our tax. Some exchanges like CoinInn and MEXC adopted burning early and Binance did...
decide to burn all their fees to support us, but it still isn't enough to decrease our supply quickly. It would take dozens of years to substantially decrease the supply at the current rate. We need to burn more quickly than that!
The clear way forward now is to burn through utility, to have dApps that will attract users to our chain and burn through transaction fees. The more popular our dApps, the quicker we burn. The problem is our chain isn't up to date with the Cosmos, so we need to upgrade our...
chain to the latest version (parity with #Luna).
Once we have parity, there will be many dApps who can deploy on our chain. We need parity soon right , the sooner the better. The problem is we have devs who have been working on the chain for months now without pay.
Once we have parity, there will be many dApps who can deploy on our chain. We need parity soon right , the sooner the better. The problem is we have devs who have been working on the chain for months now without pay.
In order to move forward quickly, we need to pay them. We hoped for a windfall with the multisig wallet but now it seems we might take on legal liability by accepting those funds.
So how do we get our devs paid and build a sustainable burning system?...
So how do we get our devs paid and build a sustainable burning system?...
Volantary donations haven't worked, so the only way I see is to decrease the amount we're burning now and pay our devs with that money.
10% of the burns are currently going to the community pool now, which isn't enough to fund Terra Rebels on a continued basis...
10% of the burns are currently going to the community pool now, which isn't enough to fund Terra Rebels on a continued basis...
This proposal's goal is to increase the community pool funding to 50% of the burn tax. This will mean less burns in the short term, but more burns over the long term as we are able to build something of value.
I've been a small business owner for over many years and there's nothing more important than investing in your business if you want it to succeed. That's what this proposal will help us do.
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