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
- Breaking: Trump To Meet China’s President On October 30, Bitcoin Bounces
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
