Terra Classic Community Burns Massive LUNC Tokens
The Terra Classic community has burned more over 16 billion LUNC tokens, with a renewed focus on quickening the burn pace.
The community is burning more Terra Classic (LUNC) tokens to make up for fewer burns in December and Binance reducing LUNC burn donations to 50%.
Over 16 billion LUNC tokens have been burned by the Terra Classic
Community, with a fresh emphasis on accelerating the burn rate.
In an effort to raise the burn rate, the Terra Classic community has burned more than 16 million LUNC tokens in the past week. Terra Classic validators and projects intend to burn billions of Terra Classic (LUNC) in 2023 in order to increase the burn rate. Tokens worth 37.717 billion LUNC have already been burned by the Terra Classic community.
Community of Terra Classic Turns Attention to LUNC Burns
In order to make up for fewer burns in December and Binance cutting LUNC burn donations to 50%, the Terra Classic community has turned its focus to burning larger quantities of Terra Classic (LUNC) tokens.
In comparison to the previous week's burn rate of 12 million LUNC tokens, the community burned almost 16 million LUNC tokens this week. Validators burnt the majority of the LUNC, with Luna Station 88 burning 4.78 million LUNC and LUNC DAO burning 2.63 million LUNC.
Due to the public's support for Proposal 11242, Luna Station 88 delayed its regular burn of one-third of collected commissions for a week. It decreases LUNC afterburn re-minting and sets the seigniorage reward policy to zero.
Duncan, a former developer for Terra Rebels, destroyed 6 million LUNC tokens in two transactions. Members of the development collective Terra Rebels, including core devs Edward Kim, Tobias "Zaradar" Anderson, and Duncan, departed as a result of financing disagreements with the team.
Recently, two significant resolutions to raise the LUNC burn rate were approved by the Terra Classic community. The burn rate was effectively raised by proposals 11242 and 11243, while payments to the communal pool were decreased.
Moreover, LUNC now has support in TFL's interchain Station. LUNA, LUNC, Osmosis, Juno, Kujira, Carbon, HuaHua, and Cresent chains are currently supported by the Station.
The Price of Terra Classic Fails to Gain Steam
The first week of January saw a strong surge in Terra Classic. However, it was unable to maintain the upswing and dropped down below $0.00015.
The price of LUNC is $0.0001636 at the time of writing. The 24-hour low and high are each $0.000154 & $0.000180. Additionally, the trading volume has surged by 50% during the past 24 hours, suggesting that traders are becoming more interested.
