Gokhshtein referred to LUNC token as lottery ticket
Founder of Gokhastin Media, David Gokhshteinbelieves that LUNC can drop the “lottery ticket” status and return if the community can find a way to create a valid use case.
As reported by U.Today, Gokhshtein referred to the LUNC token as a lottery ticket, just like in the classic musical chairs game for kids. When the music stops, he said, everyone must locate a chair to sit on, but there are always fewer chairs than there are players. He noted that in LUNC’s case, the individual who has a full bag of these tokens is always the one left without a chair.
He said he thinks LUNC, which recently gained popularity following the downturn of the original Terra Chain, is primarily bought by gamblers to make quick money.
In a recent tweet, Gokhshtein mentions that LUNC is owned by the community, with half of the members jumping in to gamble, while the other half remains those who suffered from the collapse. He believes that it would be an impressive comeback if the community could find a way to build a legitimate use case.
Following the collapse of the Terra ecosystem in May, the original Terra Chain was renamed Terra Classic, and the new Chain’s Genesis Block was launched to handle future transactions under the name Terra (LUNA) on May 28, 2022. it was done. The original native token was similarly named LUNC.
Here lies biggest challenge
Terra Classic claims to be community-owned and completely detached from Terra founder Do Kwon. However, Will Chen, a former developer at Terra, raises some crucial issues: “Who are the LUNC whales? Who controls the network?” And how much ownership does “the community” have relative to a couple of bad actors who bought in at asymptotic prices?
He indicated that “attracting projects to build on the Terra Classic can be difficult until the rebels figure out what they are working for.” He also highlighted the need to clarify incentives as the 1.2% tax burn scheme is set to come into effect from September 21.
Terra tokens, LUNC and LUNA, saw fresh selling pressure as the legal drama involving Terra CEO Do Kwon took another twist. At the time of publication, both tokens were down 7.26% and 6.42%, respectively. Kwon was all the while believed to be in Singapore. However, this was proven otherwise as the Singapore police stated that he was no longer in the country.
