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The Terra Classic community has burned over 16 million LUNC tokens in a week amid the push to increase the burn rate. In order to raise the burn rate, Terra Classic validators and projects aim to burn billions of Terra Classic (LUNC) in 2023. Until now, the Terra Classic community has burned 37.717 billion LUNC tokens.
Terra Classic Community Shifts Focus on LUNC Burns
The Terra Classic community has shifted its focus to burning more amounts of Terra Classic (LUNC) tokens to compensate for fewer burns in December and Binance reducing LUNC burn contributions to 50%.
The community burned over 16 million LUNC tokens in a week, increasing the burn rate as compared to the last week’s 12 million LUNC tokens. Most of the LUNC burned came from validators, with LUNC DAO burning 2.63 million LUNC and Luna Station 88 burning 4.78 million LUNC.
Luna Station 88 postponed its regular burn of one-third of collected commissions for a week as the community favored passing Proposal 11242. It reduces the re-minting of LUNC after burn and set the seigniorage reward policy to zero.
Meanwhile, former Terra Rebels developer Duncan burned 6 million LUNC tokens in two transactions. Core developers Edward Kim, Tobias “Zaradar” Anderson, and Duncan were among the members of the developer group Terra Rebels that left due to funding disputes with the team.
The Terra Classic community recently passed two crucial proposals to increase the LUNC burn rate. While Proposal 11242 and Proposal 11243 effectively increased the burn rate, they reduced contributions to the community pool.
Moreover, TFL’s interchain Station added support for LUNC. The Station currently supports LUNA, LUNC, Osmosis, Juno, Kujira, Carbon, HuaHua, and Cresent chains.
Terra Classic Price Fails to Build Momentum
Terra Classic witnessed a massive rally in the starting week of January. However, it failed to hold on to the rally and fell below $0.00015.
At the time of writing, the LUNC price is trading at $0.000165. The 24-hour low and high are $0.000158 and $0.000179, respectively. Furthermore, the trading volume has increased by 50% in the last 24 hours, indicating an increase in interest among traders.
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