- Anonymous Terra validator posted a proposal for a DeFi debit card.
- Terra Luna Classic (LUNC) slid further by 4.3% in the last 24 hours.
- Binance burns 796M $LUNC in the monthly tax fee burning event.
The community behind the embattled Terra Luna Classic blockchain proposed building a fully decentralized debit card with a built-in $LUNC burn functionality. Proposal #11750, “LUNA Classic Decentralized Debit Card,” is live on Tera Station and currently has 93% of holders voting ‘Yes,’ while nearly 4% voted ‘No.’ This decentralized debit card would enable all Terra Classic blockchain users to pay for goods in $LUNC and $USTC in any shop worldwide.
However, it lacks detailed information on how the code would work on the blockchain, so certain validators are not convinced of the proposal. One includes the validator Lunanauts, who voted ‘No with Veto’ on proposal #11750, arguing that “Without a clear plan, it’s challenging to assess the feasibility and potential risks of such a project.” Additionally, the Terra Classic validator mentions the author’s anonymity and the 5% commission fee as reasons to question transparency.
LUNC Price Keeps Falling
Previously down for multiple days, the Terra Station hosts another significant proposal, #11730 “USTC / Stable Algo Quant Team.” By this proposal, the USTC Quant team continues the work on the malfunctioning stablecoin Terra Classic USD (USTC) repeg to $1. Ultimately, proposal #11730 seeks funding of 285 million LUNC, equivalent to $20,000.
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Certainly, the relentless crypto bears have left LUNC hanging on the top of the TOP 100 by global market cap cliff, which shrank by another $116 million in the last 30 days. The global market cap for Terra Classic has significantly diminished from $1 billion claimed in mid-December 2022 despite the successful parity upgrade with other Cosmos blockchains.
At press time, LUNC trades at $0.00006107, holding above a crucial support zone of $0.00006. To assist in maintaining this level before a breakout, the crypto giant Binance sent 815 million $LUNC to the bottomless pit in the latest $LUNC tax fee burning ceremony. Multiple members thanked Binance for the deed as the crusade to revive the zombie USTC continues with the #BurnItAll campaign.
On the Flipside
- Terra community members on Twitter complain about the arguably small amounts of cryptocurrency burns not reflecting on LUNC’s price.
- The decentralized Terra original chain crypto wallet proposal lacks fundamental details about its implementation, and the author stays anonymous.
Why This Matters
Decentralized solutions for blockchain users could prevent financial chaos like Terra Luna’s stablecoin depegging in May 2022.
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