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🖥️Data Shows How Badly Terra Classic Volume Affected After 1.2% Burn Tax Implemented🖥️
Analysis of Terra Classic Data Sheds Deeper Insight on Effects of 1.2% Burn Tax on LUNC Volume.
October 18, 2022
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A LUNC proponent and software developer has shared deeper insight on the effects of the introduced 1.2% tax burn on Terra Classic (LUNC) volume.

The Terra community had shown renewed interest in the 1.2% tax burn proposal as the campaign for the revival of Terra Classic (LUNC) gained steam. The community solicited support from several exchanges, and their fervency was rewarded with cooperation from top exchanges, including the world’s largest, Binance.

Notwithstanding, the community has noticed that LUNC volumes appear to suffer due to the 1.2% tax burn mechanism. This has been prompted by reluctance from investors to subject their assets to burns, contributing to a dearth of interest in the asset. 

Despite these speculations, a proper in-depth analysis of the effects of the tax burn mechanism on LUNC volumes has not surfaced until now. Software developer and LUNC proponent StrathCole recently indulged the community in that regard.

In an analysis on Medium, StrathCole assessed LUNC volumes in four periods, including before and during the implementation of the 1.2% tax burn mechanism. He moved to exclude data from certain periods, as trade volumes than were affected by other factors besides what is considered normal.

The first period was between September 7 and 20; the second period, between September 29 to October 12; the third period which ranged from August 31 through September 6 was introduced to validate the first period; the fourth period was between October 13 and 16.

Data from the third period (August 31 to September 6) revealed LUNC volumes that surpassed 4 trillion LUNC, making way to the 4.4 trillion LUNC territory. However, the first period (September 7 to 20) saw a 20% decline from the fourth, as volumes dropped to a cap of 3.5 trillion LUNC.

The second period (September 29 to October 12) witnessed the most massive decline in LUNC volume, with data revealing a volume collapse below the 500 billion mark, as the volume decreased by over 90%. The fourth and final period (October 13 to 16) was still declining from the second, as volume hit below 250 billion LUNC.

In addition to the volume, LUNC transactions also saw massive declines during this time, but not as much as the volume. Although there was a slight recovery at first, the volume still suffered regardless. StrathCole asserted that the transaction count did not decline as much as the volume due to the average transaction size.

It bears mentioning that this analysis excluded data from notable Binance transactions pre-tax that would’ve contributed to higher volume data if included in the analysis. 

As a conclusion of his analysis, StrathCole highlighted that the tax burn mechanism has really contributed to a dearth of investor interest in LUNC. “In addition, the tax hurts those the most that bring the most value to the chain (contracts/dApps and their users). That is not how it should be, I think,” he added.

Recall that the community noticed this drop in LUNC volume, which sparked several debates. As a consequence, the community passed a new proposal to reduce the 1.2% tax burn to 0.2% as a way to reintroduce interest in the asset, as recently reported by The Crypto Basic. 

StrathCole mentioned that his analysis cannot accurately assess the effect of the reduction of the tax burn to 0.2%, as there isn’t much data on that proposal yet. However, he noted that he doesn’t expect an immediate recovery in LUNC volume following its implementation.

“This is mainly because of the fact that CEXs will not necessarily change their current way of handling their on-chain wallets. But I think it is the right step to do now,” StrathCole concluded.

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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