Terra Luna Classic: Community Demand Changes to LUNC Staking Model
Highlights
- Community wants overhaul of current LUNC staking withdrawal model
- Proposal seek reducing the waiting period from 21-days to drive participation
- Terra Luna Classic is intensifying burning mechanism to repeg USTC
The Terra Luna Classic (LUNC) community might soon start considering changes to its current staking model. As implied by the popular LUNC advocate, the Crypto News Portal on X, the current staking model might be limiting adoption. The platform raised a proposal that might see a shift in waiting periods when LUNC is staked.
Terra Luna Classic Staking Model and Proposed Changes
According to the X post from Crypto News Portal, users need to wait 21 days to withdraw from any LUNC tokens staked. The platform noted that there are currently 1 trillion LUNC tokens staked, compared to the 5.44 trillion LUNC in circulation.
As pointed out, the current LUNC staking waiting period is limiting. Crypto News Portal argued for reducing the 21-day waiting period to “reasonable levels.”
While these reasonable levels were not defined, the proposal was directed to the broader Terra Luna Classic community. The community has waded into the issue, with some users supporting the idea of adjusting the waiting period.
However, an X user, Vivid BNB, noted that patience is key to the LUNC ecosystem. The X user noted that just because the timing takes long does not mean the staker will not reach their goals.
Terra Luna Classic Ecosystem Updates
In addition to the latest staking reconsideration, the Terra Classic ecosystem has been in the news lately.
As reported earlier by CoinGape, the ecosystem has burned 405 billion LUNC from circulation. In addition to the burnt LUNC, the USTC algorithmic stablecoin has also seen over 3 billion removed from circulation.
This figure marks the total community contributions to reducing the supply since May 2022. The rationale is to reduce the Terra Luna Classic in circulation to boost its scarcity and potential price rally.
With top crypto trading platform Binance torching 400 billion LUNC, many believe the token is closer to its USTC re-pegging goals.
LUNC Price Outlook
Terra Luna Classic has recorded interesting price action since the start of the week. However, the token has already given up some of its gains. At the time of writing, the LUNC price was trading for $0.00005957, down by 7.13% in 24 hours.
TerraClassicUSD did not fare better, dropping by 3.84% to $0.01188. Although the drawdown for both USTC and LUNC mirrors the Bitcoin crash today, ecosystem optimism is different.
Proponents like the Crypto News Portal are convinced that introducing a revamped LUNC staking model might enhance its stability in the near term.
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