Terra Classic Community Burns More Than 12 Million LUNC, Price jumps
Terra Classic has been looking to increase the burn rates of Terra Classic (LUNC tokens) as the LUNC burn rate dropped in December. The LUNC burn rates were also affected by the temporary suspension of crypto exchange Binance’s LUNC burning mechanism from December to March. Binance reduced the burn amount by 50% and temporarily suspended it until March.
Terra Classic Validators and Projects – Increase Burn Rate
Terra Classic validators and projects plan to burn billions Terra Classic (LUNC tokens) in 2023. The community has staked nearly 850 billion LUNC coins and burned more than 37.30 billion LUNC tokens.
Terra Casino revealed in a January 9 tweet that it had sent 8 million LUNC tokens directly to the burn address. In less than two months, it has burned 50,000,000 LUNC tokens. The project promises to burn billions in LUNC tokens.
In addition, validator LUNC DAO reportedly has burned more than 4 million LUNC tokens within the last 24 hours. Two transactions totalling 2.235 million LUNc tokens were sent to the burn address. LUNC DAO blazed over 2 million Terra Classic tokens in January 2. This makes LUNC DAO 5th largest Terra Classic token burner.
The community will vote on two important proposals while they wait. Proposal 11242 effectively prohibits reminting LUNC from burnings and sets the community pool rewards policy to zero. Proposal 11243 also proposes increasing gas prices by five times and funding the community pools from fees.
Edward Kim, Terra Classic core developer, warns the community that the proposals could adversely impact funding for the community pool because the data shared in the proposal contains a mistake. Thus, it shows extra fees being distributed. A fix could see much less going to community pool.
Also read: Why KuCoin Undelegated 48 Billon LUNC Tokens
LUNC Prices Jump 6%
LUNC’s price jumped more than 6% during the recovery of the wider crypto market. The trading volume has increased 180% over the last 24 hours.
The 24-hour lows and highs are $0.000153 (or $0.000166) respectively. After hitting a high point of $0.000184 on December 27, the LUNC price is now trading in a range.
Also read: Here’s how much Terra Classic’s $100 investment in Terra Classic will be worth if LUNC reaches $1
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