While I am not a fan of the impact of the tax on the current level of on-chain transaction, and as many feel disappointed by the velocity of the burn so far, community seems to agree this is the way forward. I would like to propose a way to greatly accelerate the rate at which we are currently burning Lunc.
Accelerate the burn rate with the support of the hard core community.
At the current level of Staking (666B token are currently staked on Terra station) 187B Lunc are being rewarded every months to Stakers, representing around 5.9B Lunc per day.
If we were to burn these rewards, we would burn a trillion token every 6 months.
I propose that we implement a simple “Burn all Reward” token within Terra Station right next to the withdrawal button, so we can in one click send our rewards to the burn address.
I would vote yes. rewards until Lunc supply is under control is an excellent .
I strongly oppose this proposal.
Instead of increasing the supply in our wallets, we would be increasing the value of what’s already there ~ so, staking would still have reason and value… Opposition to this is not fully understanding that swap in value add.
That’s a strong argument. Care to develop ? We are here to understand potential pros & cons…
@Ambihel ~ there are people in this forum that are so close minded and negative toward new ideas I had considered abandoning this research a few times… this ecosystem has so much potential that I keep on and in here… it’s likely the mindset of those same closed minded, negative actors that caused the collapse of the previous version. I hope they can start to see beyond the shadows and the potential of lunc is met.
The Risk being taken by the person staking is not worth the Risk in having their LUNC locked up for 21 days.
This should not be acceptable to anyone as this DISADAVANTAGES the 10% of the community that stakes and has their LUNC locked up for 21 days.
This provides UNFAIR ADVANTAGES for the other 90% of the community that DO NOT STAKE and take no risk as their LUNC is not locked up.
You do realise that when you stake your coins it takes them out of circulation and reduces the total supply until they are UNDELEGATED ?
When coins are undelegated there are no rewards obtained for 21 days and in turn cant be sold or traded for that same 21 day period.
Encouraging staking reduces supply and the reward is the incentive for the RISK.
To ask stakers to do all this and wish to tax them ALL OF THE REWARDS to benefit the non stakers fails to take into consideration the RISK undertaken with 21 days your coins are being locked up and that there is no reward for 21 days after undelegating.
The return is still not that great of an incentive and that will decrease even further as more people stake in the future and the reward pool as far as I know is funded for 12-18 months ATM.
Prefer to see a tiered staking reward based on optional time frames from 7 days 14 days 21 days 28 days and still be rewarded during the undelegation phase whilst coins are locked up until released back to full control.
Key Point is that the NON STAKERS are the ones truly not committed to the process or taking on the RISK ; ))
Very much opposed to this proposal to burn all rewards from staking. Inconsiderate and Selfish with little understanding of the actual risks IMO.
It’s simply a value-add-swap, instead of adding to the supplies in wallets, burning staking rewards would add value to the existing supplies (by reducing the supply the market cap gets divided into)… it’s simple and it is a great act.
Think beyond the old, collapsed structures. Visualize the potential of alternative thought that has such simple design there is no room for scammers…
Open up your mind to the new generation - or remain stagnant & repeat the past.
Again the forced actions upon 10% stakers who are community focused who are taking on the risks only truly benefits the other 90% of the non staking community.
The amount of people who would immediately undelegate and STOP staking would be considerable as the RISK for NO reward is a poor investment strategy.
The reward with staking is approx 30% for the year.
May as well do 12 trades with 3.5% swings in a year and not have coins locked up and add to the total circulating supply.
May as well propose a 5% Tax for Non Stakers seeing as there is a much larger amount of the community not staking (90%) 9 times more than stakers ; )
This act wouldn’t be forced… Optional. Although an auto-burn of all staking rewards would be good.
I am convinced (without a doubt) that there are people in this research forum who want Terra Classic to fail… If you’re reading this ~ keep that in mind.
I have no idea where did You get this numbers from?. Rather divide it by 12. Mothly staking rewards are ~2,5% of LUNC and getting lower each day.
I also proposed that we have a swap-to-dev & swap-to-burn in the swap section of the Terra Station… in addition to your proposal, that would be some huge improvements to the station.
The ‘exact’ numbers aside ~ burning rewards (in general) is a great idea to get us out of the position the supply is in… in addition to taxing transactions…
Wouldn’t be much simple to add a “Burn Reward” button to Station and let each one decide how much of his reward wants to burn?
Or add the Burn address to the station and let each one decide how much they can spare for the greater good?
Just a thought …
Burn a certain amount and give away nft
you oppose letting people choose what to do with their lunc? if you dont want to use the button you dont have to.