LUNC News: Terra Luna Classic Staking Officially Hits 1 Trillion, LUNC Burn 63 Billion

LUNC News: Terra Luna Classic (LUNC) staking has officially reached 1 trillion, hitting a historic milestone. The community has waited long enough for this historic achievement after professor Edward Kim-led developer team introduced staking to Terra Classic last year.

The total LUNC staked stands at over 1 trillion worth nearly $100 million, with the staking ratio hitting an all-time high of 14.61 percent. Thus, the circulating supply of Terra Luna Classic (LUNC) has now reduced to 5.8 trillion from the total supply of 6.84 trillion.

Interest in Terra Classic grows as more users staked LUNC tokens on the chain for rewards. With the v2.1.0 parity upgrade, USTC repeg, AI app chain Block Entropy, and Terraport DEX relaunch, the community is more optimistic about Terra Classic revival.

BREAKING: #LunaClassic officially has 1 TRILLION $LUNC staked! Congratulations to the community for this historic achievement! Let’s go for 2 TRILLION next! Send it! 💎🤲🏻 #Crypto #LuncBurn #LuncArmy #StakeLunc #LuncParity #Binance pic.twitter.com/Y7vD6yroCG

— Mr. Diamondhandz1💎 (@MrDiamondhandz1) June 10, 2023

Although staking does not imply LUNC removal from circulation forever, but it helps boost LUNC price and increase Terra Classic network security. It also promotes Terra Luna Classic and gives confidence to validators on the chain.

In addition, the Terra Luna Classic community also burns LUNC to reduce the circulating supply. The total LUNC tokens burned by the community has reached over 63 billion. The community has burned over 2 billion LUNC as of June 10, with Binance sending 1.04 LUNC to the burn address. The LUNC burn rate has also increased in the second quarter.

Also Read: Terra Classic’s Biggest v2.1.0 Parity Upgrade Proposal Officially Passed, LUNC To $1

LUNC Price to Rally With This Major News

Terra Luna Classic core developer Joint L1 Task Force (L1TF) started preparing for the v2.1.0 Parity upgrade as the community has passed the proposal.

The v2.1.0 upgrade is the biggest upgrade and contains features including minimum 5% commission for validators, CosmWasm v1.1.0, and two security updates. Other changes include WasmVM upgrade to v1.1.2, Wasmd upgrade for multichain capability, IBC go v4.3.1, and bug fixes.

CoinGape Media also detailed why the Parity upgrade is crucial for professor Edward Kim’s AI app chain “Block Entropy.”

LUNC price fell 12% today after the market-wide selloff and remains the only crypto in green this week. The price currently trading at $0.000086, with the 24-hour low and high are $0.000080 and $0.000101, respectively. However, the LUNC price is likely to rebound after the Parity upgrade on June 14.

Also Read: Crypto Market Crash: Here’s Why Bitcoin, Ethereum, Altcoins Are Falling Sharply