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Terra Classic Project Burns LUNC For Edward Kim AI Chain “Block Entropy” Testnet Token

Terra Classic project burned millions of LUNC to get core developer Edward Kim's AI chain "Block Entropy" token
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Terra Classic Project Burns LUNC For Edward Kim AI Chain “Block Entropy” Testnet Token

After burning nearly 2.5 billion Terra Classic (LUNC) tokens this month, decentralized finance protocol DFLunc shifted its focus to the highly awaited AI app chain “Block Entropy” by core developer Edward Kim. The project has burned millions of LUNC tokens token this week in order to obtain Block Entropy TestNet tokens.

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DFLunc Burned LUNC For Edward Kim Block Entropy AI Chain

DeFi protocol DFLunc recently announced a major change in its LUNC burn mechanism. In order to help its users get Edward Kim’s AI app chain “Block Entropy” testnet tokens, the protocol is not sending LUNC directly from user wallets to the burn address.

Instead, DFLunc sending tokens through a different address, entering “entropy” in the memo field of transactions. It sent 58 million LUNC to the burn address from the new protocol on May 25 and 44 million LUNC on May 26. The protocol aims to burn billions of Terra Classic tokens to deflate the circulating supply more rapidly.

Also Read: Terra Classic Project Burns 2 Billion LUNC Tokens, Overtaking Binance Burn

According to Edward Kim, users need to send LUNC to the burn address with an “entropy” message and enter the transaction hash into the TestNet faucet.

The quantity of LUNC that you burn will be proportional to the number of testnet tokens that you get in return and these can only be utilized for machine learning activities, as they have no proprietary value of their own.

After testing on LUNC L1 TestNet and passing a governance proposal, Edward Kim will coordinate with Joint L1 Task Force to incorporate Interchain Accounts (ICA) into Terra Classic. This will happen only after CosmWasm v1.1.0 parity upgrade on June 14. CoinGape Media published a complete detail over it and incoming developments.

After the Parity upgrade, the L1TF also considering working with the USTC repeg team to set up a USTC test environment to focus on building the infrastructure required to successfully repeg USTC to $1.

Also Read: IMF Supports US Fed To Hike Rate By 25 Bps In June, Markets To Crash?

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Will Terra Classic Price Hit $1?

LUNC price currently trades at $0.000086, up 2% in the last 24 hours. The 24-hour low and high are $0.000085 and $0.000087, respectively. Furthermore, the trading volume has increased vastly in the last 24 hours.

The total LUNC burned by the community reached $60 billion. The burn rate has increased after the community increased the burn tax to 0.5%. The move was supported by crypto exchanges such as Binance.

Also Read: Rug Pull Alert: Degen Ben.eth To Launch 3rd Scam Meme Coin After BEN and PSYOP

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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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