- As part of the Terra Classic V22 network update, the staking function became active.
- Within 24 hours following the update, more than 1% of the LUNC supply was staked.
As opposed to its previous negative press, this time around the headlines about Terra Classic (LUNC) are all positive. The network has only recently begun allowing staking of LUNC, but there seems to be a lot of interest. A positive development on the road to rehabilitation.
In an effort to get the Terra Classic network back up and running, the team behind it has been working tirelessly. The staking infrastructure is one of the network’s most eagerly awaited features. The most recent data shows that the staking facility has been successfully implemented. It’s great news and evidence of the community’s unwavering support for the network.
Aims to Reduce Token in Circulation
As part of the Terra Classic V22 network update, the staking function became active. Within 24 hours following the update, more than 1% of the LUNC supply was staked, according to recent sources. This result shows that confidence in the endeavor is still high.
Developers and community organizers that have worked on Terra Luna Classic from its inception formed LUNC DAO. Members of the LUNC DAO team have created many innovative Dapps in the LUNC ecosystem, such as the Prism protocol, which has a total circulating supply value (TVL) of $150 million.
The community has been asking for a LUNC burn to begin for a while before the currency’s decline, and a suggestion to do so was made a few months ago. The goal is to reduce the total number of Terra Luna Classic coins in circulation in order to increase their value once again.
It’s used to get hold of fresh LUNC tokens, which are subsequently destroyed. The goal is to reduce the total quantity in circulation using that method. The token’s worth will increase because of this.
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