On-Chain Action Disappears on Terra’s Luna Classic Token
On-chain activity appears to have dried up on the Luna Classic, the network token of the failed and abandoned Terra chain, after it imposed a 1.2% tax on transactions that is burned from supply. The price of LUNC soared after a governance proposal advocating for the burn mechanism went live on Sept. 1, with LUNC surging 250% over eight days. Some investors speculated the move could render LUNC deflationary, meaning that more tokens are destroyed than issued as rewards to validators. On Sept. 22, Lightcrypto, a popular crypto influencer, posted that only $2,503 LUNC was burned in the seven hours after the tax and burn mechanism went live.
Source
https://t.me/Terra_Luna_Tron
