A recent proposal has been submitted to introduce the auto-burn and auto-withdraw option for staking on Terra Station, which may soon be available for Terra Classic (LUNC). By enabling these features, users will be able to burn their staking rewards at set intervals such as daily, weekly, monthly or yearly. This proposal seeks to automate these actions, prioritizing the burn feature, in order to improve Terra Classic’s burns. This proposal aims to give the LUNC community a more streamlined and efficient way to participate in staking activities, eliminating the need for manual rewards burning.
As of press time, this proposal has yet to be passed, with only four validators voting “Yes” out of the total 147 validators. Community members participating in the initiative hope to increase the interest and participation for staking by enabling more LUNC tokens to be burned.
Notably, Classy – a prominent Terra Classic influencer and the operator of the Classy’s Sphere validator – voted “Yes” on the proposal. In a tweet, he expressed his support for the proposal, saying that it was a great idea and would be beneficial for users. Furthermore, Classy spoke positively about the potential of the auto-withdraw option, comparing it to the auto-compounding feature found in some staking platforms. Auto-compounding is a feature that automatically reinvests cryptocurrency rewards back in staking pools.
The addition of these options could help to augment the Terra Classic staking ecosystem, which has been supported by Rex Harrison, a senior member of the TerraCVita development group. He has continuously highlighted the significant role that staking initiatives can contribute to Terra Classic’s rejuvenation goal.
However, implementing these features could be challenging, as it might require significant technical smart contract work from the Terra Foundation Guard (TFL) team. Despite this, community members remain optimistic that the proposal will be passed and help to increase the amount of LUNC staked.
In conclusion, the proposal for auto-burn and auto-withdraw options on Terra Station for staking LUNC could potentially be a significant step towards a more accessible and efficient staking experience. If the proposal is passed, it could potentially increase staking interests for the LUNC community, thereby contributing towards Terra Classic’s rejuvenation goal. Only time will tell whether this proposal will be passed and these new features will be implemented. Regardless, the crypto community remains hopeful that these features would eventually be made available for users.