Hello,
I order to burn more LUNC we obviously need more utility on the blockchain. CEXs won’t help us with the burn. But as far as I can seen LUNC can only be purchased or sold on CEXs. We need a major DEX on Terra Classic where every single transaction is taxed.
I thought about an order book style exchange on Terra Classic where you can trade some IBC denominations against LUNC.
As far as I can see not all IBC is shutdown. One could for example open up a channel to Axelar and then create a LUNC/axlUSDC trading contract on TerraClassic.
I have some technical experience in writing CosmWasm contracts and also maintaining an IBC relayer as well as full nodes in the Cosmos ecosystem.
What I am not good at is Web-Development , so I could not create a nice frontend for the contract on my own.
Is someone interested in discussing this idea? If you like you could also send me a direct message
Have a nice day.
2 Likes
A few great DEXes in LUNC exist, there are the basic Terraswap and Astroport, but also Coinhall (coinhall.org), Terraformer (tfm.com) and MIAW (though not sure MIAW is actively developed any more). The charts on Coinhall and Terraformer are top notch amazeballz, and I believe both thosr implementing more and more features such as aggregation for best prices, spot trading, and more.
Being on chain all those mentioned DEXes do implement the burn tax. As for bridging Axelar and other wrapped tokens, quite a few exist on Terra classic, but problem is liquidity both on chain and on linked chains (such as Avax, I played around with a couple hundred usd worth providing liquidity on AVAX’s Pangolin and elsewhere but need way more then my poor @$$ amounts for a useable system, pancake swap so far best I found to park lunc and bnb or busd for swap fee generation and liquidity support) As is LP pools are being filled by whatever wallets think it’s worth it but no community organized effort since the crash as there rightfully other infrastrusture needs first though I personally think cross chain liquidity should be up on priority sooner than later and come next… possibly a good use of community pool funds is to create some on chain liquidity for axelar assets among others. The ability and infrastructure and the lp pools for many exist already. Killing the curve pools before the new pools implemented and filled part of what killed LUNA in the first place, stupid to have removed 3 pool and go on a plane ride expecting no major trades before filling new 4 pool wtf right?
I totally agree with your sentiment, it’s difficult for average user to even get on chain from other chains. With know-how can use Terra Bridge or Terra Portal, liquidity for pairs is a problem as well as the risk for continued support for those bridges and wrapped assets. Sooner there is support and liquidity for them the higher liklihood Axelar and others continue to support/upkeep.