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

LUNC News: Terra Luna Classic staking reaches historic milestone of 1 trillion and LUNC Burn rises to 63 billion, LUNC price rally ahead.
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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.

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.

Terra Classic (LUNC) Burn

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

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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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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