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Massive LUNC Tokens Burn By Terra Classic Validators

Terra Classic community has burned over 20 billion LUNC tokens amid renewed focus to increase the burn rate.
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Massive LUNC Tokens Burn By Terra Classic Validators

The Terra Classic community has burned over 20 million LUNC tokens in a week amid the push to increase the burn rate. Validators and projects running on the Terra Classic network commit to burn millions of LUNC tokens after crypto exchange Binance temporarily suspended its LUNC burn mechanism until March.

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Terra Classic Validators Lead the Burns for Community

CoinGape has been tracking the weekly burns by the Terra Classic community, believing in the revival of the Terra Classic as per the roadmap suggested by core developer Edward Kim. Also, the community plans to burn billions of LUNC tokens in 2023.

While the week still has a few days left, the community has already burned over 20 million LUNC tokens in the last 4 days. The LUNC burns have increased by almost 4 million week-over-week in January, indicating a move in the right direction.

The highest burn of the week came from validator HappyCattyCrypto, which burned over 9 million LUNC tokens. It is followed by 7.2 million LUNC tokens burn by Cremation Coin, which aims to burn millions of tokens every week.

Validators LUNC DAO committed sent over 1.62 million LUNC tokens to the burn address. LUNC DAO is the fifth-largest contributor to the LUNC burn, with almost 435.79 million LUNC burned in total. The remaining burns came from members of the Terra Classic community including Yanis, a top contributor who sent 1 million tokens to the burn address.

Last week, the community burned over 16 million LUNC tokens, which was also a 4 million increase as compared to the earlier week’s 12 million LUNC tokens.

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LUNC Community Approves Crucial Proposal

Proposal 11310 by Terra Classic core developer Edward Kim was unanimously passed by the Terra Classic community. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduces codes to make future upgrades possible.

It will also enable the Joint L1 Task Force to make necessary changes to bring back burn Binance LUNC burn mechanism. Binance may stop its LUNC burn mechanism if the Terra Classic community fails to make these changes.

At the time of writing, the LUNC price trades at $0.0001697, down over 5% in the last 24 hours.

Also Read: Will Crypto Miners Sell Their BTC Holdings As Bitcoin Price Recovers?

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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.
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