MEXCTerra Classic Community Burns 210 Million LUNC Tokens In January
The Terra Classic community burned almost 210 million LUNC tokens in January 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.
The total Terra Classic (LUNC) tokens burned by the community has reached over 38 billion LUNC tokens. Also, the total LUNC tokens staked has reached almost 903 billion, with staked supply ratio of 13.14%.
Terra Classic Community Successfully Raises LUNC Burn Rate
The Terra Classic community shifted its focus to burning more amounts of Terra Classic (LUNC) tokens to compensate for fewer burns in December. In addition, Binance suspended its LUNC burn mechanism until March and reduced LUNC burn contributions from trading fees to 50% instead of 100%.
Terra classic validator Allnodes leads the tally with over 123 million LUNC tokens burned on January 1. Recently, Allnodes’ high voting power and saving seed phrases of validators through its node hosting service raised centralization risk concerns. On Friday, Allnodes announced non-custodial node management for Cosmos-based networks.
TerraCasino project burned over 26 million LUNC tokens and validator LUNC DAO contributed over 12 million LUNC burns in January. It is followed by HappyCattyCrypto and Luna Station 88 with 9 million and 8.5 million LUNC burns. Other community members and developers also contributed to increasing the burn rate.
Moreover, the community has passed Proposal 11310 introduced by Edward Kim to upgrade the blockchain from v1.0.4 to v1.0.5 and introduce codes to make future upgrades possible. It will also bring back the Binance LUNC burn mechanism.
LUNC Price Awaits Move Above $0.00020
Terra Classic witnessed a massive rally in the starting week of January. However, it failed to hold on to the rally and fell below $0.00015.
At the time of writing, the LUNC price is trading at $0.000169, down 3% in the last 24 hours. The 24-hour low and high are $0.0001677 and $0.0001776, respectively.
Also Read: Global Events That Will Impact Crypto This Week
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Trump Tariff: China Resumes U.S. Imports After Agreement With South Korea
- BlockDAG Hype Surges as Coinbase and Kraken Listing Rumors Spread
- Bitget’s Institutional Volume Hits $23.1 Billion as UEX Framework Gains Global Momentum
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
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.
