The developer proposes to compensate for Terra Classic’s fee losses
CriptoFácil – The collapse of (today Terra Classic) in 2022 has caused many investors to lose everything they had. The network was back up and running soon after, but some investors still lost money on transaction fees.
However, Terra Classic’s primary developer, Edward Kim, has put forward a proposal to recover some of the losses.
According to the new proposal, the goal is to recover fees lost between September 21-28 last year, after the 1.2% tax rebate was triggered on the Terra Classic blockchain.
The total refund amount is 295 million LUNC. So, this is a recovery of the transaction fee losses last year.
Payment proposal from Terra Classic
In a tweet he wrote on Monday (23), Kim made a proposal to return the money of investors who lost LUNC fees. The proposal covers losses incurred between September 21 and 28, 2022.
The period corresponds to the introduction of the 1.2% tax on fees on September 21. At first some transactions failed, but the burn fee was charged, causing the investors to lose their LUNC tokens.
According to Kim, transactions on the testnet were successful, but transactions on Columbus-5 contained gas accounts. With this said, the proposal aims to specifically repair these losses.
StrathCole, software developer and contributor to Terra Classic, identified 10,927 failed transactions during this period. The total repayment is 295 million LUNC, which equates to just over R$265,000 at the current exchange rate.
Of the total refund, 165 million LUNCs came from exchanges and the rest came from anonymous wallets. The Terra Grants Foundation (TGF) will contact the wallets to find the best payment method. Those with less than 10 LUNC will not get a refund.
The developers have already prepared scripts on GitHub to return LUNC tokens to their respective owners. TGF will refund 2214 wallets with 5 to 10 million LUNC, which is approximately 131 million LUNC tokens.
Any excess amount that cannot be determined will be returned to the community pool.
LUNC price shows strength
Terra Classic (LUNC) price is up almost 2% in the last 24 hours, the price is currently trading at R$0.0009. The 24-hour low and high are R$0.00089 and R$0.00093 respectively. In addition, the trading volume has decreased by 25% over the past 24 hours, which indicates a decrease in interest rates.
However, the price of LUNC is showing its strength as the total volume of LUNC has also grown and crossed 900 billion again last week. Meanwhile, the community votes on critical proposals to increase burn rate and improve the network.