Terra Classic Burn Sees Significant Advances: 3,080 Billion LUNC Have Been Burned
Significant Advances Made in the Terra Classic Burn: Burned Up: 3,080 Billion LUNC Tokens
The Terra Classic community has begun publicly displaying its intention to burn large quantities of LUNC tokens in an effort to drastically lower the total number of the troubled cryptocurrency‘s divisible tokens in circulation. Only a LUNC burn mechanism can aid sufferers in recouping some of their losses, as it is well known that scarcity usually increases the likelihood of an asset becoming more valuable.
3,080 Billion LUNC Have Been Burned
There have been a total of 3,080 billion LUNC tokens destroyed so far, as reported by LUNC Burn, a channel that keeps account of all LUNC tokens delivered to the inferno wallet (terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu).
The amount of LUNC that has been burned up as of this report is 3,080 billion. With today’s prices and yesterday’s volume, we would have burned 14.6 billion LUNC in the last 24 hours.
🚨🚨 total burned $Lunc stands at 3,080 billion🚨🚨
— LUNC Burn (@LunaBurn_13) August 25, 2022
What Does 1.2% Tax/Burn Mean?
Following the crash of Terra (LUNA), which was caused by the breakdown of the Terra ecosystem, a new chain was launched, and the token from the old chain was renamed Terra Classic (LUNC).
Many people in the Terra community called for an enormous burn of LUNA tokens before the launch of the new Terra blockchain, dubbed Terra 2.0. Do Kwon and his crew were urged by everyone, including Binance’s CEO Changpeng Zhao (CZ), to go with the LUNA big burn. Even though CZ was sure that a new chain would hurt the price, Do Kwon had already made up his mind.
A new token, LUNA 2.0, was created with the release of Terra 2.0. While some members of the community were airdropped LUNC, many others decided to keep theirs in the hope that Terra Classic’s token burn process would somehow bring the project back to life.
A new burn request proposing an honest LUNC burning mechanism emerged just days after the new token was released, thanks to the doggedness of individuals who believed in LUNC.
All LUNC transactions will be subject to a 1.2% tax/burn, as stated in the plan (buys and sells). This means that 1.2% of all LUNC tokens exchanged for monetary value will be destroyed at the time of the transaction. Also, this is anticipated to spark a meteoric rise in demand.
The plan also includes a timetable for when the burning mechanism will be disabled: when the total supply of LUNC tokens hits 10 billion. At this point, LUNC is thought to be scarce enough to aid in a fight for survival.
The value of the digital asset is still significantly down from where it was trading before the historic crash, but a big and sustained burn could help recover some of those losses.