Luna Classic FAQ – Updated 7-12-22 A quick word about this

FAQ. This information is compiled for the convenience of the Luna Classic Community members and is based on information currently available to us. This is NOT FINANCIAL ADVICE. DO YOUR OWN RESEARCH AND FORM YOUR OWN OPINIONS. Please bring any new information to our attention and we will do our best to update the FAQ and keep it current.

🌕 Which exchanges have implemented the 1.2% Tax Burn? CoinInn is the only exchange we are currently aware of.

🌕 Which exchanges do we need to reach out to and encourage to implement the 1.2%? Binance. KuCoin. Coinbase. Kraken. Gemini. Crypto.com. Those are the big players who appear to be financially stable and capable of helping. Once we are burning ON CHAIN we will politely reach out to the exchanges for participation in the burn. Please DO NOT SPAM TWEET these exchanges. We must do our part first and that part is the ON CHAIN burn.

🌕 What other VALID projects/coins/tokens are implementing any sort of a burn? We have heard of a few, but others TBA once we can compile a verified list.

🌕 What NEW projects are being set up on Luna Classic network? There are several TBA but right now the focus is on completing the code to properly burn LUNC.

🌕 When will the 1.2% burn be activated ON CHAIN. Roughly middle of August. Testing is underway on TestNet and going well but any bugs or glitches need to be identified and fixed and the only way to do that is through testing over time. The burn is the first domino that needs to fall, and the code must be PERFECT for everything to work as planned.

🌕 Aside from StarShip is anyone else accepting LUNC as currency and then burning? TBA. If you know of a verified and trusted source, please let us know and we will update the FAQ.

🌕 When will Binance implement the 1.2% burn that was voted on by the community? We do not know. CZ stated very clearly in a Tweet that the burn needed to be implemented ON CHAIN first. Vegas and the TerraRebels are actively working on this now. Once it is up and running flawlessly ON CHAIN, we will reach out to CZ @ Binance.

🌕 What is the deal with USTC? Is anyone working to repeg it? There is a team within TerraRebels that is working on USTC. The goal is obviously to repeg USTC to $1 USD which in theory is possible but will take TIME and a lot of work. Once the LUNC burn is up and running successfully, the team with shift to USTC.

🌕 Assuming USTC is repegged to $1 will there it be collateralized or have some sort of “fail safe” or “stops” to prevent exploitation or depegging in the future? Ideally yes but this is just all talk and hypothetical at this point.

🌕 Assuming USTC is repegged to $1, will it be re-linked to LUNC to burn the LUNC supply? Again, that is the ideal situation and the future hope as it is where the value proposition that drives value and unique use is. Still this is all hypothetical as there is a mountain of work that must be tackled first.

🌕 If USTC and LUNC are re-linked, won’t the algorithm automatically start minting more LUNC and USTC? No. The Burn/Mint algorithm was disabled. Ideally, any re-enabling of the mechanism would most likely have to be presented and voted on in the Governance portion of Luna Classis on TerraStation. This is all speculation and hypothetical as the burn is the #1 priority now. We’ll cross this USTC/LUNC/Algorithm bridge as the LUNC supply dwindles.

🌕 If USTC and LUNC are no longer liked together, why is their price action highly correlated? No idea. Most likely it’s psychological as the two have always been spoken of together.

🌕 When will staking to existing validators be re-enabled on TerraStation? TBA

🌕 When will NEW validators be allowed on board? Hopefully by the end of August.

🌕 Is anyone actively reaching out to any of the Metaverse players about LUNC being added to their projects? We need more volunteers with knowledge of the space to help us with this in a professional way.

Lunc only subject 1.

Wow ust to 1$

everyone in the group must read this thoroughly and stop fudding.

I love the sentence below, since I am a lunc holder: What is the deal with USTC? Is anyone working to repeg it? There is a team within TerraRebels that is working on USTC. The goal is obviously to repeg USTC to $1 USD which in theory is possible but will take TIME and a lot of work. Once the LUNC burn is up and running successfully, the team with shift to USTC.

What is on chain burning

This is somewhat promising. Thanks for the update and defo keep it pinned