Over 12 Billion LUNC Burnt by Community To Boost Burn Rate

  • On January 9, Terra Casino tweeted that it has burned more than 8M LUNC tokens.
  • More than 4M LUNC tokens were burnt by the validator LUNC DAO in the last 24 hours.

Since LUNC burn rates decreased in December, the Terra Classic community has set its sights on boosting those rates. The LUNC burn rates have also been influenced by the decision of the cryptocurrency exchange Binance to temporarily pause its LUNC burn mechanism until March and to decrease the burn amount to 50%.

In 2023, Terra Classic validators and projects plan to burn billions in LUNC tokens. More than 37.30M LUNC tokens have been burnt and approximately 850 billion LUNC tokens have been staked so far.

Community Pushing Hard

On January 9, Terra Casino tweeted that it has burned more than 8 million LUNC tokens. Over 50 million LUNC tokens were destroyed in just 2 months. The team behind the initiative has promised to burn a significant number of LUNC tokens.

More than 4 million LUNC tokens were burnt by the validator LUNC DAO in the last 24 hours. Two separate transactions totaling 2.235 million LUNC tokens were delivered to the burn address. On January 2, more than two million Terra Classic tokens were burned by the LUNC DAO. Given this, LUNC DAO is the fifth biggest burner of Terra Classic tokens.

In the meanwhile, the community is voting on two major initiatives. The reward scheme for the community pool is also adjusted to zero in Proposal 11242, essentially ending reminting of LUNC from burns. Proposal 11243 proposes a 5-fold increase in gas taxes to pay for the community pool.

Edward Kim, a key developer for Terra Classic, has issued a warning to the community that the proposals might have a major effect on financing for the community pool due to an error in the data provided in the proposal. 

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