Terra Classic core developer Edward Kim has come up with another proposal for the community. The proposal aims to reimburse lost fees during the period of September 21-28 last year, after the 1.2% tax burn was activated on the Terra Classic blockchain. The total reimbursement is 295 million LUNC tokens.
Terra Classic Reimbursement Proposal
Terra Classic core developer Edward Kim in a tweet on January 23 introduced a proposal to reimburse investors that lost LUNC fees between September 21-28 last year.
After the 1.2% tax burn activation on September 21, some transactions experienced failure but the burn tax was levied, causing investors to lose their LUNC tokens. As per Edward Kim, transactions on testnet were successful, but transactions on Columbus-5 had gas computations straddling the border of success and failure.
Software developer and Terra Classic contributor StrathCole identified 10927 transactions that failed during the period. The total reimbursement stands at 295 million LUNC tokens.
Out of total reimbursement, 165 million LUNC came from CEX wallets and the remaining LUNC came from unidentified CEX wallets. The Terra Grants Foundation (TGF) will contact CEXs to find the best way to reimburse LUNC tokens. Wallets with reimbursements of under 10 LUNC will not be reimbursed.
The developers have already prepared scripts on GitHub to reimburse LUNC tokens to respective owners. TGF will reimburse 2,214 wallets with 5-10 million LUNC, which is almost 131 million LUNC tokens. Any excess amount that cannot be identified will return to the community pool.
Terra Classic influencer ClassyCrypto agreed with reimbursing lost LUNC fees to the community due to an error on the chain. However, he questioned the current methods in progress to restore the community pool.
Also Read: Terra Classic (LUNC) Community Votes On Edward Kim’s Critical Proposal
LUNC Price Shows Strength
Terra Classic (LUNC) price jumped nearly 2% in the last 24 hours, with the price currently trading at $0.0001805. The 24-hour low and high are $0.0001771 and $0.0001864, respectively. Furthermore, the trading volume has decreased by 25% in the last 24 hours, indicating a decrease in interest.
However, the LUNC price shows strength as the total staked LUNC also reached over 900 billion again last week. Meanwhile, the community votes on crucial proposals to increase the burn rate and improve the chain.
Also Read: ETH Staking Jumps ATH Ahead Of Shanghai Upgrade, Has Ethereum Priced-In?