blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Terra Community Unveils Relief Efforts for LUNC Investors Impacted by Tax Burn with New Reimbursement Plan

Shayan Chowdhury by Shayan Chowdhury
January 23, 2023 - 1:05 pm
in blockchain news, altcoins news
0
Terra Stablecoin
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The Terra community reveals a reimbursement plan for LUNC investors who lost a massive amount of fees after the tax burn activation during September 21-28, 2022. 

The Terra network and its founder Do Kwon built a significant dominance in the crypto space in four years, but it all came to an end with an unexpected collapse last year, wiping $60 billion from the crypto market. However, the Terra community promises investors and traders to return a certain part of the fees as it recently revealed a proposal which aims to reimburse lost fees during the period of September 21-28 last year, after the implementation of a 1.2% tax burn on the Terra Classic blockchain. The total reimbursement is 295 million LUNC tokens that were incorrectly taxed and will be reimbursed through a community pool spent on the users who lost funds during this period. 

Terra Provides Solution For LUNC Investors

During the LUNA crash, investors made billions in losses, and several crypto exchanges criticized Terra for developing a manipulation in the system. In fact, the South Korean government’s investigations have revealed that UST and LUNA tokens surged significantly during the crash and brought a lucrative opportunity for crypto exchanges to tax incorrect amounts from transaction fees. 

Follow up proposal for those that lost #lunc fees between September 21-28th. Please share your comments, https://t.co/0GVOgCLFBl

— Edward Kim (@edk208) January 22, 2023

On 23 January, Terra Classic core developer Edward Kim introduced a statement to reimburse investors that lost LUNC fees between September 21-28 last year. It is revealed that some transactions witnessed a failure, but the burning tax was levied, causing investors to lose their LUNC tokens after the 1.2% tax burn activation on 21 September. According to Kim, transactions made on the testnet were executed successfully, but transactions on Columbus-5 faced gas computations hovering around the border of success and failure. 

Here’s How The Plan Will Get Executed

Terra Classic tax burn has caused a stir among the LUNC investors. Recently, there has been an increasing discussion about the consequences of the Terra network’s native token, Luna Classic (LUNC). The Terra Luna Classic (LUNC) burn tax signifies that, on all transactions made through the Terra network, 1.2% of each movement will be applicable and will go to token burning. In other words, 1.2% of all operations will be destroyed in order to reduce the total supply of LUNC tokens and rescue it from any kind of sudden collapse like LUNA. 

Software developer and Terra Classic contributor StrathCole tracked 10927 transactions that failed during the period, and the total reimbursement stands at 295 million LUNC tokens. Out of total reimbursement, 165 million LUNC tokens came from CEX wallets, and the remaining LUNC tokens were from unidentified CEX wallets. The Terra Grants Foundation (TGF) will communicate to CEXs to find the best way to reimburse LUNC tokens. However, the proposal made it clear that wallets with reimbursements of under 10 LUNC will not be reimbursed.

The developers of the Terra ecosystem have already built scripts on GitHub to reimburse LUNC tokens to their respective owners. TGF will reimburse 2,214 wallets with 5-10 million LUNC, which makes it 131 million LUNC tokens. 

However, any excess amount that will not be identified will return to the community pool. Terra Classic influencer ClassyCrypto made it clear to the community that reimbursing lost LUNC fees to the community caused by an error on the chain will eventually prioritize users’ trust in the platform. As the LUNC price shows bullish potential in the price chart as the total staked LUNC also crossed the 900 billion mark again last week, the community votes on important proposals to increase the burn rate and enhance the chain.

Tags: AltcoinsBlockchainCryptocurrencyEcosystemLUNALUNCTerra
ShareTweet
Shayan Chowdhury

Shayan Chowdhury

Shayan Chowdhury is a freelance writer and digital nomad. He loves thinking, learning and writing about the crypto space. He is a crypto enthusiast who has gathered 3 years of writing experience. Through his in-depth research about the Web3 and analysis, he delivers high-quality engaging articles with clarity.Besides being a skilled journalist, he is a professional video editor. In the era of blockchain, he aspires to touch overwhelming success. He now works for BlockchainReporter as a news writer.

Recommended For You

Justin Sun Says His KPI for Current Year Is to Make TRX Adopted by 5 Countries as Their Legal Tender

by Umair Younas
January 29, 2023 - 10:41 am
0
Tron TRX

Justin Sun labelled this objective as ambitious. Nonetheless, he noted that dedication and hard work can play a significant role in achieving his goal.

Read more

US White House Administration Issues a Roadmap to Minimize the Risks of Crypto Assets

by Umair Younas
January 28, 2023 - 7:42 am
0
White House

The US White House Administration has released a roadmap for the Administration to minimize the risks associated with crypto assets.

Read more

SoftConstruct-Incubated Fastex Achieves a Big Milestone of Raising $23.2M in Unprecedented Fasttoken Sale

by Mushu Butt
January 27, 2023 - 5:23 pm
0
fastex

SoftConstruct-Incubated Fastex achieves a big milestone by raising $23.2M in its Fasttoken sale, cementing its position as a leader in the industry.

Read more

Kapital DAO and Rainmaker Games Team Up to Boost Web3 Gaming

by Ifeanyi Egede
January 27, 2023 - 10:06 am
0
kapitaldao rainmaker

Kapital DAO partners with Rainmaker Games, a leading blockchain games discovery platform, to explore ecosystem growth.

Read more

Argo Lawsuit Development: Johnson Fistel Requests Information from Shareholders

by Kester Odero
January 27, 2023 - 9:15 am
0
Argo Blockchain

As per Johnson Fistel, LLP, Argo Blockchain plc investors filed a class action case targeting investors who have been linked with fraudulent acts.

Read more
Next Post
bestchange

BestChange: One-Stop Destination to Exchange Crypto/Fiat/E-Currencies

PARTNERS LIST

PRESS RELEASE

China’s “Instagram” chooses Conflux Network for permissionless blockchain integration

by chainwire
January 25, 2023 - 8:42 am
0

Toronto, Canada, 24th January, 2023, ChainwireLittle Red Book, (XiaohongShu), the Chinese version of Instagram integrates Conflux Network as permissionless blockchain...

snowfall protocol

Snowfall Protocol (SNW) Takes the Spotlight as Waves (WAVES) Founder Unveils New ‘Undepeggable’ Stablecoin and Ripple’s (XRP) New Commercial Released

by Max Clark
January 25, 2023 - 7:02 am
0

The cryptocurrency market has seen its fair share of ups and downs, but one project that seems to be gaining...

Snowfall

Binance (BNB) Will Back Terra Classic’s Upgrade, Cardano (ADA) Introduces Custom-built Sidechains, Snowfall Protocol (SNW) to Have its Grand Launch Soon

by Wayne Jones
January 24, 2023 - 4:53 am
0

While the former two are in the headlines due to recent changes in their ecosystem, Snowfall Protocol (SNW) is all...

Snowfall Protocol

Terra Classic (LUNC) and Polygon (MATIC) Shows Instability Signs, While Snowfall Protocol (SNW) Presale Raises $4M

by Max Clark
January 23, 2023 - 12:00 pm
0

This article will critically examine why Snowfall Protocol (SNW) is gaining ground and why Polygon and Luna Classic's (LUNC) price...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.