A new Terra Classic project launched in April has burned over 1.5 billion LUNC tokens in the last few days. The protocol aims to burn billions of LUNC to deflate the circulating supply more rapidly. With the massive LUNC burn by the protocol near the Terra-LUNA crisis anniversary, the total LUNC burn has surpassed 57 billion.
On May 1, Binance burned 1.27 billion LUNC as part of its monthly LUNC burn mechanism. After Binance burn, the total LUNC burn reached 55 billion and burns contributed by Binance reached 31.83 billion LUNC tokens.
The LUNC burn rate continue to rise after the Binance burn, as the community burned new millions of LUNC through the new project DFLunc Protocol as it begins to attract attention. It is a DeFi protocol consisting of multiple smart contracts and aims to deflate LUNC supply through a continuous burn mechanism.
DFLunc Protocol is also a validator for Terra Classic that allows users to mint its DFC token only by burning LUNC tokens. It utilizes two smart contracts based on CosmWasm — DFLunc and CW20-DFC. Users burn LUNC by paying USTC as protocol fees to mint DFC tokens.
The protocol has divided its plan into different stages that ultimately aimed toward the growth of its validator on the Terra Classic chain.
With the protocol keep burning LUNC, the total burned by the community has now reached 57 billion LUNC tokens. As per the transactions seen by CoinGape Media, the protocol is still burning LUNC through its contact address.
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Along with these burns, the Joint L1 Task Force preparing to upgrade the Terra Classic network to v2.0.1, which includes Cosmos SDK v0.45.13 Columbus-5 and Tendermint v0.34.24 upgrade and minimum initial deposit for governance proposals, and enhanced code maintainability.
The Terra Classic blockchain will halt at block 12,812,900, estimated on May 17 at 14:03 UTC. It is followed by the Cosmwasm 1.1.0 Parity upgrade on May 31 to allow projects and builders across Cosmos and Terra Luna 2.0 to once again build on the Terra Classic chain. The Inter Blockchain Communication (IBC) was already opened with other chains earlier, but there are still several developments left as the Terra Classic Revival Roadmap planned by core developer Edward Kim.
LUNC price jumped 15% in the last 24 hours, with the price currently trading at $0.000092. The 24-hour low and high are $0.000083 and $0.000097, respectively. Furthermore, the trading volume has increased significantly in the last 24 hours, indicating a rise in interest among traders.
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