Proposal to Introduce Auto-Burn and Auto-Withdraw Functionalities for Terra Classic (LUNC) Staking

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A proposal has been submitted to the Terra Station platform suggesting the addition of auto-burn and auto-withdraw options for staking Terra Classic (LUNC). This would automatically allow users to burn and withdraw their LUNC rewards without manual intervention if approved.

Proposal 11391 requests the agreement of community members to incorporate buttons on Terra Station. These buttons would enable users to automatically burn their staking rewards at certain intervals, such as daily, weekly, monthly, or yearly.

The proposal was submitted six days ago to automate certain activities, specifically the burn function, to boost Terra Classic burns. The proposal suggests that community members can easily participate in the effort by eliminating the need to burn their staking rewards manually.

At the time of reporting, the proposal has yet to be approved, with most validators showing disinterest in it. Out of the 147 validators, they have yet to vote on the proposal. Currently, only four validators have voted, and they have all voted in favor of the proposal.

Classy, a well-known Terra Classic influencer and operator of Classy’s Sphere validator, confirmed that his validator voted in favor of the proposal.

Additionally, Classy used his YouTube channel to discuss why he believed the proposal would be an excellent idea that could benefit the community. He shared that many supporters had contacted him to request the inclusion of a burn button on Terra Station.

However, according to Classy, getting the Terra Foundation Guard (TFL) team to implement this option may be challenging as it would involve technical smart contract work. Nevertheless, he believes the proposal is a beneficial idea that could aid in burning more LUNC tokens.

Classy compared the proposed auto-withdraw option and the auto-compounding feature in some staking services. Auto-compounding is a functionality that permits cryptocurrency holders to automatically reinvest their staking rewards into the staking pool, thus boosting their profits.

Introducing this feature is expected to result in an increase in the amount of Terra Classic that is staked. Rex Harrison, a senior member of the TerraCVita development group, has been a strong advocate of the staking initiative, emphasizing its significance in achieving Terra Classic’s goal of revitalization.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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