The community wants a Tax + Burn mechanism with each transaction to reduce the total supply of LUNC. This can be done by a deflationary burn mechanism which can be easily put into place by adding a tax.
The mechanism must be appropriate with low tax rate to encourage trading and doesn’t lead to non-trading of LUNC. The mechanism must have limits to ensure that infinite burning doesn’t occur.
To help the holders of LUNC, to get some of their investment back.
We’re proposing a Tax & Burn mechanism to be implemented on LUNC to reduce the Total Supply.
Before starting to implement this mechanism, the following must be done once and for all:
1- Removing the link between LUNC and any other token.
2- Removing the minting ability on LUNC.
After that, we propose implement a Tax + Burn mechanism on each buy and sell transaction, we propose (1% burn tax if the total supply is greater than or equal to 100B), (0.5% burn tax if the total supply is less than 100B and greater than 10B), (0.1% burn tax if the total supply is less than or equal to 10B).
Finally, this mechanism should be enabled until the total supply is less than or equal to 500 Million LUNC, after that, this mechanism is permanently disabled and the total supply can never be changed again.
The following official address from Do Kwon is used for burning: