The Luna Classic community voted to reduce the burn tax from 1.2% to just 0.2% in October.
As a result, Luna Classic (LUNC) burning has slowed dramatically. In the first week of October some 7.1 billion LUNC tokens were burned. The first week of November just 334 million LUNC tokens were burned.
That's a -95% drop. And if LUNC continues to burn just 334 million tokens per week it would take 380 years until Luna Classic could reach a token price of $1.
Clearly, Luna Classic burns will not be the solution investors were looking for.
If you're disappointed by the turn of events you're not alone. And know that other projects have decided to do the opposite of Luna Classic – EverGrow for example has ramped up its burn rate in November.
Read more about EverGrow here: https://evergrowegc.com/
EverGrow is leading the DeFi field for projects that burn tokens. EverGrow might only have a price of $0.00000009 and a market cap of $50 million – but it's on track to become a major cryptocurrency soon.
EverGrow just increased its burn rate 300%. At the current rate, it could hit a price of $1 in eight years at the same market cap.
How does EverGrow do it?
The base utility of EverGrow is a 14% transaction tax. It's a high tax to pay when buying or selling EGC, but it finances BUSD stablecoin rewards ($38 million paid to date) and automated token burns (53.3% of total supply burned to date).
EverGrow creates an attractive incentive to pay the transaction tax.
A portion also goes towards ecosystem development. In September, the first EverGrow application dropped – LunaSky NFT marketplace – and the team announced 100% of revenue would be used to buy back and burn EverGrow.
On November 10th, the revenue collected from the marketplace was finally deployed for burning EverGrow.
EverGrow burned 169 billion EGC tokens in a day. That's 300% above EverGrow's average daily burns since launch.
Read more about EverGrow here: https://evergrowegc.com/
EverGrow is not planning to slow the burn anytime soon.
It's a unique approach which has never been seen before in crypto. Most other projects like Luna Classic (LUNC) choose to cut away a transaction tax in case it slows trading volume.
EverGrow instead aims to keep the transaction tax AND increase trading volume by creating enticing incentives to hold tokens long-term. By buying into EverGrow at its low prices today you not only buy into an asset with huge potential for returns, but you can earn stablecoin passive income along the way.
Read more about EverGrow here: https://evergrowegc.com/
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