Terra Classic’s core developer, Edward Kim, has come up with another proposal for the community. The proposal aims to refund lost fees during the period of September 21-28 last year, after the 1.2% tax burn was triggered on the Terra Classic blockchain. The total fee is 295 million LUNC tokens.

Terra Classic Compensation Proposal

Terra Classic core developer Edward Kim in a tweet filed a proposal on Jan. 23 to refund investors who lost LUNC fees between Sept. 21 and Sept. 28 last year.

After the activation of 1.2% tax burn on September 21, some transactions failed, but the tax on tax was levied, causing investors to lose their LUNC tokens. According to Edward Kim, transactions on testnet were successful, but transactions on Columbus-5 had gas calculations that crossed the line of success and failure.

Software developer and Terra Classic contributor StrathCole identified 10927 transactions that failed during the period. The total compensation is 295 million LUNC tokens.

Of the total repayment, 165 million LUNC came from CEX wallets and the remaining LUNC came from unidentified CEX wallets. The Terra Grants Foundation (TGF) will be reaching out to CEXs to find the best way to redeem LUNC tokens. Purses with a fee of less than 10 LUNC will not be refunded.

The developers have already prepared scripts on GitHub to return LUNC tokens to their respective owners. TGF reimburses 2,214 wallets with 5-10 million LUNC, amounting to almost 131 million LUNC tokens. Any excess that cannot be identified will be returned to the community pool.

Terra Classic influencer ClassyCrypto agreed to refund lost LUNC fees to the community due to an error in the chain. However, he questioned current methods of restoring the community pool.

Also Read: Terra Classic (LUNC) Community votes on Edward Kim’s critical proposal

LUNC price shows strength

The price of Terra Classic (LUNC) is up almost 2% in the past 24 hours with the price currently trading at $0.0001805. The 24-hour low and high are $0.0001771 and $0.0001864, respectively. In addition, the trading volume has decreased by 25% in the last 24 hours, indicating a decrease in interest.

However, the LUNC price is showing strength as the total LUNC deployed also reached over 900 billion again last week. Meanwhile, the community votes on crucial proposals to increase the burn rate and improve the chain.

Also Read: ETH Strike Jumps ATH Ahead of Upgrade to Shanghai, Is Ethereum Priced In?

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

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This post Terra Classic (LUNC) investors to get their money back

was published first on https://coingape.com/terra-classic-lunc-investors-to-get-their-money-back-says-dev-edward-kim/


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