As a result of UST’s depegging from the dollar, the stable coin LUNA was forced to issue billions of its partner tokens to preserve equilibrium algorithmically. Billions of dollars in worth were wiped away in days due to this supply glut, leaving many investors with an unpleasant reality.
They believed that Terra would react by burning some of the extra LUNA to restore the peg and hence restore the value of their currency (LUNA).
In place of this, a hard fork was announced that would identify LUNC as the originating token with the initial supply and stablecoin pairing and create a new token, LUNA, with a supply of 1 billion and no stablecoin coupling.
Most validators voted in favor of the hard fork, which was released on May 28th. However, most token holders redoubled their request to burn the surplus supply instead, despite the plan being backed by a majority of validators.
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StarShip’s collaboration with LUNAC has led to the implementation of the cryptocurrency as a payment method inside its ecosystem, which means that it will burn 1.2 percent of the total amount of LUNC, which is received for these payments.
“LUNC will be implemented into the StarShip ecosystem as one form of payment within StarShip Universe, burning 1.2% of all LUNC received for these payments.”
Additionally, the LUNC Prop 3568, which proposed a 1.2% burn tax, was approved by voters on Sunday. To the delight of token holders, this will begin to diminish the number of current tokens when they are traded.
Finding a practical use for LUNC is timely. A new partnership between StarShip and Luna reinforces the basis of their respective ecosystems.