LUNC Slash and Redenominate

Governance & Proposals
1

Summary
A simple way to reduce LUNC supply by 10000x with minor losses

Motivation
This primarily addresses unit bias.

Proposal
Redenominate LUNC to be 8 decimal places rather than 6. Divide all balances with a marginal burn by using floor().

oldBalance = 3,696,692.045868;
slashed = floor(oldBalance * 10,000); // = 36,966,920,458; burning 68 uLunc
newBalance = slashed / 100,000,000; // = 369.66920458, redenominated to 8 decimal places

total supply would drop to roughly: 690,707,287 LUNC after slashing and redenominating. Losses would be negligible, and no redistribution.

side points: together with different approaches such as no minting, high tx fees, staking rewards coming from 50% of tx fees and the remaining 50% burn, could work to deflate the economy properly. If USTC needs thrown in to the mix, then high tx fees where 40% is used for staking rewards, 30% burn LUNC, 30% converted to USTC and that USTC burned.

3 Likes
2

Not a good idea. That is basically a reverse split which is simply an artificial way to increase price. A more determined burn plan is a better way out. It will take longer but better for all holders.

2 Likes
3

As noted, the two are not mutually exclusive, I totally agree deflation needs introduced, however perceived supply + unit biases play a major part in user sentiment toward tokens.