Faqs
Lunaticstoken Validator
Q: What is a validator?
A validator on the Terra Network is different from validators on other networks such as ETH, SOL, etc. The Terra Core is powered by the Tendermint consensus. Validators run full nodes, participate in consensus by broadcasting votes, commit new blocks to the blockchain, and participate in governance of the blockchain. Validators are able to cast votes on behalf of their delegators. A validator's voting power is weighted according to their total stake.
Q: Why did we obtain a validator?
We recognized that in order for Lunatics to try to help the LUNC community to our full capabilities, burning tokens cannot be the only thing. Becoming a validator on the Terra Classic network was the next step in the ladder. Also, it was done to gain validation for the Lunatics project. We were getting lots of FUD from outside of our community by not having Lunatics Token exist on the Luna Classic network, so this was one way to start making our way to getting Lunatics Token on the Luna Classic network.
Q: Why do we need Validator?
We need it so we can contribute more to the network than just burning tokens. Being a validator gives the Lunatics community the ability to stake their native LUNC tokens to gain rewards, and have the ability to participate in decision making activities that occur on the Terra Luna Classic chain. (edited)
Q: How are the Lunatics and Luna communities are benefiting from this?
The Lunatics and LUNC communities benefit because we are bringing more awareness to the Luna Classic network. Lunatics and LUNC are only as strong as the communities that support us. We are stronger in numbers. The more people that believe, the better off we all are.
Q: How does staking on the Luna Classic network work?
Staking is the process of bonding Luna to a validator in exchange for staking rewards. The Luna Classic network only allows the top 130 validators to participate in consensus. A validator's rank is determined by their stake or the total amount of LUNC staked to them. Although validators can stake LUNC to themselves, they mainly amass larger stakes from delegators. Validators with larger stakes get chosen more often to propose new blocks and earn proportionally more rewards.
Q: How long staking will be available there?
We will keep our tokens staked there for a long time.
Q: Is Lunatics Token planning to work with other validators.
Yes. Right now we are checking and we may cooperate with other validators also. We will do everything we can to grow Lunatics Token and help to increase the LUNC burn rate, so both communities will benefit from all our future validator collaborations.
LUNATICS DONATIONS
Q: Why we donate?
Not only does Lunatics want help the Luna Classic community by burning the supply of LUNC, we also want to lend a helping hand to some great causes. Over the lifetime of Lunatics we would love to reach out and make a positive impact on as many lives as possible.
Q: How we donate?
Lunatics will offer support in whichever way each individual cause may need it. This could mean buying supplies, paying for services or anything else that needed. We will donate directly from the Lunatics charity wallet to each cause helped and we will follow the money trail of our donation and record the impact it had.
Q: Why Lunatics Token does donate to Living with Autism?
This cause has a personal connection to Crypto Rich, one of our core team members. Living with Autism has played a huge part in his family’s life. This organization location is also close to Rich, allowing us to follow the story of the organization but also allowing us to see how our donation has impacted these children’s lives.
Q: Are Lunatics planning to donate more causes?
We are planning on each team member to select a cause that is close to them personally and to their location. This will allow us to not only bring awareness but also allow us to personally follow the journey of our donation. Something, I think the whole community would like to see. (edited)
STAKING
Q: How many Lunatics tokens were staked in Lunatics first staking round?
Staking closed with 17,698,011,390 LunaT staked!
Q: Why was the first staking round closed?
First round of staking was a huge success, but also would not be sustainable for the entire life of the project.
Q: Will there be a second round of staking? If so, when?
Yes there will be a second round of staking. It has been released.
Q: Will there be any limit for staking per wallet like in round one? If yes, what will be the limit?
Yes there will be a per wallet limit on staking. It will be limited to 1% of total supply. That’s equals 1 billion Lunatics tokens. If you plan to stake more, you will need to use a separate wallet.
Q: How is staking Lunatics Token is different from staking on Terra Station
Staking your Lunatics tokens offers the investor rewards in both Luna Classic, which people have come to love, as well as Lunatics Token. Staking (or delegating as it’s referred to) on Terra with a validator, requires the use of Luna Classic and rewards users with LUNC rewards. Staking (delegating) there also gives the validator the user chooses, a bigger “voice” in voting.
BUY AND HOLD
Q: On what exchanges can Lunatics Token be purchased?
You can Buy Lunatics Token on Coin Inn Exchange and LBank Exchange.
Q: What are the taxes for buying on exchanges and how they are split?
Every exchange has they own taxonomy. Please check the chart below for the tax breakdown at each exchange.
LBank / CoinInn
There is a 2% buy and sell tax on every transaction on
(CEX NO TRANSFER TAX NO REWARDS IF TRADING ON CEX)
Q: What are benefits on holding Lunatics on a CEX?
Benefits of holding Lunatics on a CEX are:
You can use limit order to buy at your price
You can swing trade
Day trade easily
Q: What are benefits holding your Trust/MetaMask wallet?
Benefits of holding in your wallet are:
You get double rewards
You can stake
Enjoy staking NFTs
Easy swap
Q: Does Lunatics Token have any planned tax changes?
No tax changes are planned at the moment.
Q: Any new exchanges planned for Lunatics to be listed on in the near future?
Yes, we have some exchanges that we are planning to be listed on and hoping they work with our tax structure.
Q: What is the Wormhole?
The Wormhole allows traders to move their token assets between multiple blockchain networks without issue.
Q: Why we pay rewards in LUNC Wormhole instead of native LUNC?
Because we launched on BSC network, our rewards goes through BSC network too, so the rewards payment will be in BEP20 LUNC (Wormhole)
Q: Why taxes are different on every exchange?
It’s because of what is been agreed upon between Lunatics and the exchange.
Q: Why are the rewards and reward structure is different in every exchange?
It’s because the exchange are the only ones that can decide what they can do. They know which one is much easier for them to implement
BURNS
Q: Why we burn?
Lunatics Token was created to burn Terra Luna Classic and reduce the circulating supply.
Q: What are benefits burning LUNC?
The benefit of burning LUNC is to ultimately increase the value of the token.
Q: What is the total amount of LUNC burned to date?
According to LuncPenguins.com, 12.9 billion LUNC tokens have been burned. 2.156 billion of those burned can be attributed to the Lunatics Token burn mechanism.
Q: When was Lunatics last burn and when is the next burn planned?
Lunatics made their last significant burn recently and planning to burn automatically when wrapped Lunatics is released on the Luna Classic network.
Q: How Lunatics decide when and how much to burn?
As funds come into the burn wallet, we purchase LUNC on an exchange and store it in out Terra Station wallet. We try to create as much awareness as we can and then complete the burn. To date, we have burnt 2.1B LUNC making us the #1 burn project and #3 overall. This means the conversation about burning LUNC can't take place with Lunatics being mentioned.
Q: How does the Luna community benefit from Lunatics burns?
Burning LUNC is a community effort and Lunatics is one part of the solution. In the crash there were 6.9 trillion tokens minted, trying to keep things balanced. It was unsuccessful and now we are left with this huge supply. Apart from on-chain utility burning some of that supply is one way we can help.
Q: Is there any difference between Lunatics and exchange burns? If so, what is the difference?
There are no differences between our burns and the exchanges. As long as we all burn LUNC and send it to the correct burn wallet, it’s all the same.
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