Last month the depegging of the stablecoin UST from the dollar sent shockwaves through the crypto community, as it triggered its partner token, LUNA, to algorithmically print trillions of tokens to maintain balance. This flood of supply left many holders faced with a harsh reality as billions of dollars in value were wiped out in days.
Holders of LUNA hoped Terra would respond by burning some of the surplus LUNA, with the intent of regaining USTs peg and recovering LUNAs value. Instead a hard fork was announced, which would designate LUNC as the original token with the original supply and stablecoin pairing, and creating a new token, LUNA, with a supply of 1 billion and no stablecoin pairing. Though this hard fork was supported with a majority vote among validators with governanceand subsequently launched on May 28ththe vote among popular polls with non-validators was said to be overwhelmingly against the proposal, with most token holders redoubling their call to instead burn the excess supply.
As Terra 2.0 continues to move forward, the now community-driven LUNC intend to right the course of the tokens activity and use case, with or without the support of its original creator. The community have already connected with StarShip CEO Matt Albright to forge a new path forward.
StarShip is a quickly growing ecosystem built around a solid foundation of collaborative, loyal businesses and passionate community members. Their whitepaper opens with the statement that community is at the heart of [its] currency, and the vibrant culture of partners and projects surrounding the StarShip NFT Game and StarShips strong liquidity pool pairings are already a testament to their dedication to this mission.
Recently StarShip unveiled a trailer featuring actual in-game footage of what will be the largest metaverse in existence to date. Built on the powerful new Unreal 5 engine and boasting 32,000 square kilometers of buildable space, the size of this MetaUniverse will allow room for unparalleled long-term growth and opportunity. As a result of LUNCs new collaboration with StarShip, 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.
In related news, the 1.2% burn tax mechanism put forward in LUNCs Prop 3568 was successfully passed on Sunday. This will begin to reduce the supply of existing tokens as they are circulated, which comes as great news to its loyal holders. Finding a strong use for LUNC comes at an opportune moment. As StarShip welcomes the Luna community, this collaboration strengthens the foundations of both ecosystems.
Luna community members eager to learn more about StarShip can visit www.deploystarship.com
Or follow @DeployStarShip. on Twitter, Instagram and Facebook.
Contacts:
Matt Albright, CEO matt@deploystarship.com
Pedro Oliveira, Terra Rebels serapholiveira@gmail.com
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