210 Million LUNC Tokens Burned by Terra Classic Community
Terra Classic community burned 210 million LUNC tokens in January.
Community-burned Terra Classic (LUNC) coins exceed 38 billion. With a 13.1% supply ratio, 903 billion LUNC tokens have been staked.
In January, the Terra Classic community increased
the burn rate by around 210 million LUNC tokens.
After cryptocurrency exchange Binance temporarily paused its LUNC burn mechanism until March, validators and projects operating on the Terra Classic network agreed to burn millions of LUNC tokens.
Over 38 billion Terra Classic (LUNC) tokens have now been burned in total by the community. Additionally, the amount of LUNC tokens staked in total has surpassed 903 billion, with a supply ratio of 13.1%.
LUNC Burn Rate Successfully Increased by Terra Classic Community
In order to make up for the decrease in burns in December, the Terra Classic community turned its attention to burning larger quantities of Terra Classic (LUNC) tokens. Additionally, Binance cut the percentage of trading fees used to fund LUNC burn payments from 100% to 50% until March.
With more than 123 million LUNC tokens burned on January 1, Terra classic validator Allnodes took the lead in the total. Concerns about the potential of centralization have recently been raised by Allnodes' high voting power and ability to save validator seed phrases through its node hosting service. For networks based on Cosmos, Allnodes announced non-custodial node administration on Friday.
Over 26 million LUNC tokens were destroyed by the TerraCasino project in January, while over 12 million LUNC tokens came from the validator LUNC DAO. With 9 million and 8.5 million LUNC burns, respectively, Happy Catty Crypto and Luna Station 88 come in second and third. The burn rate was also raised by other community members and developers.
Additionally, the community approved Proposal 11310 put forth by Edward Kim to upgrade the blockchain from version 1.0.4 to version 1.0.5 and include codes to enable further upgrades. Additionally, the binance lunc burn mechanism will be reinstated.
Price of LUNC Waits for Rise Above $0.00020
The first week of January saw a strong surge in Terra Classic. However, it was unable to maintain the upswing and dropped down below $0.00015.
The LUNC price is currently trading at $0.000169, down 3.96% over the previous day. The low and high values for the past day are $0.000167 and $0.0001783, respectively.
