I believe as the LUNC community, we can burn around at least 2.1 million USD worth of LUNC weekly (9.5 billion LUNC coin with today’s price), and dramatically accelerate the rate of supply reduction without any help from 3rd parties and exchanges.
Reduction of supply has been the primary issue since the de-peg. 0.2% on-chain tax and Binance burns are great start for supply reduction but at this rate, they are clearly not enough. I think with weekly on chain donation challanges, we have the potential to have a major effect on supply reduction as LUNC Wallet holders
As of now there are 5.23 millions of Lunc wallets on terra station of which 5.03 is active. Each week, there will be a donation challenge initiated at 12:00 utc on Friday and will end 12:00 utc next Friday.
According to this challenge, at least 40% of the wallets should donate at least 1 USD worth of Lunc to a pre-burn wallet that will be set by developers (2.1 million with today’s wallet numbers). If at least 40% of the wallet holders donate at least 1 USD worth of Lunc to the pre-burn wallet (they are more than welcome donate more), the amount gathered in the pre-burn wallet will be sent to the official burn wallet exactly at 12:00 utc the following Friday and with today’s price and wallet numbers we will burn at least burn 2.1 millions of dollars worth of Lunc weekly (it could be much more if wallet owners decide to donate more USD worth of Lunc).
To protect the donaters who send those tokens to the pre-burn wallet earlier in the weeks, if at least 40% of the wallets do not donate at least 1 usd worth of lunch exactly until next Friday at 12:00 utc, all of the amount in the pre-burn wallet will be refunded to the wallets who donated them and there will not be a burn within that week. As burns happens, price will increase but so the wallet count too and we can create a balance between the total amount donated and total amount burned.
This will give us a chance to burn 8 times more than what Binance burned this week which was around 1.4 billion. With today’s market conditions, 2.1 million dollars are worth 9.5 billion Lunc tokens and I believe weekly contribution will be much more than 40% of the wallets so burn rate potential is much higher than 9.5 billion per week. With the strong community and diligent developers that Lunc community has, I think we can make this burn happen every week. Moreover, we can show exchanges other than Binance that we are united as Lunc community and set them an example to follow.