23 February, 2024

Terra Luna Classic Surpasses 70 Billion LUNC Burn Milestone, Eyes Further Reductions

7 months ago

13 Feb, 2024

  • Terra Luna Classic burns 70B LUNC tokens, reducing the circulating supply.
  • Binance contributes 50% (36B LUNC) to the impressive burn effort.
  • Community seeks higher LUNC burn rate, targets USTC repegging.

In a remarkable display of community-driven efforts, Terra Luna Classic has reached a major milestone by burning a staggering 70 billion LUNC tokens, signifying a crucial step in reducing the supply since May 18, 2022. The community undertook the initiative to burn LUNC tokens following the Terra-LUNA Crisis and Do Kwon’s decision to lead the chain independently.

Managed by community-approved developers, trusted validators, and members, Terra Luna Classic has actively engaged in its burn campaign since last year, alongside other features such as staking. The relentless efforts of crypto exchanges, validators, projects, and members have contributed to the weekly average burn of 400 million LUNC tokens, with Binance playing a pivotal role in this endeavor.

Binance, the world’s largest crypto exchange, has been committed to reducing LUNC’s supply and actively participating in monthly LUNC burn mechanisms. In the latest 11th batch of the burn mechanism, Binance successfully burned over 2.65 billion LUNC tokens on July 1, bringing its total contribution to over 35.5 billion LUNC tokens burnt to date.

Looking ahead, the Joint L1 Task Force developer group and the Quant USTC repeg team are gearing up to focus on reducing the circulating supply of both LUNC and USTC in the upcoming quarter. A key objective of the developers is to repeg USTC to $1, and they are working closely with exchanges to ensure the successful completion of this process.

Recent developments have seen the community’s efforts expand to burning idle USTC and LUNC tokens held in other protocols. A proposal from Vegas has surfaced, suggesting burning 800 million USTC tokens or transferring them to the community pool from the Ozone protocol.

With its unwavering commitment and collective action, the Terra Luna Classic community continues to pave the way for a healthier crypto ecosystem. As the burning campaign gains momentum and utility increases, the future looks promising for LUNC tokens and the thriving community driving its growth.

At the current press time, LUNA is valued at $0.607534, experiencing a slight decline of 0.05% over the past 24 hours. The market has witnessed a tug-of-war between bulls and bears, with bears holding a slight advantage for now. Terra’s trading activity shows a narrow sideways movement, and the trading volume remains relatively low at $31,472,363. The total market capitalization of Terra is currently at $203,055,944.

Source: CoinMarketCap

Over the last 24 hours, the LUNA token peaked at $0.6119 and a low of $0.6027, signaling an overall downward trend. However, if bullish momentum picks up, the price would likely increase toward the $0.6119 level in the coming days. On the flip side, the immediate support level is at $0.6027, which could come into play if the bears manage to take control of the market.

In conclusion, Terra Luna Classic’s achievement of burning 70 billion LUNC tokens is a testament to the community’s determination and unity. Collaborative efforts with Binance and other stakeholders have been instrumental in reaching this significant milestone. As the ecosystem evolves and developers work towards further reducing supply and increasing utility, the Terra Luna Classic community remains steadfast in its pursuit of success.