- Burn rate increased by over 50% from the previous week’s 12 million LUNC tokens burnt.
- For a week, Luna Station 88 held off on its customary burn.
Amid the pressure to speed up the burn rate, the Terra Classic community has burnt up almost 16 million LUNC tokens in less than a week. In 2023, validators and projects working with Terra Classic want to burn billions of Terra Classic (LUNC) to increase the burn rate. An estimated 37.717 billion LUNC tokens have been burned by the Terra Classic community thus far.
The burn rate increased by over 50% from the previous week’s 12 million LUNC tokens burnt thanks to the community burning over 16 million LUNC tokens in a single week. The validators accounted for the vast majority of the LUNC that was burned, with 2.63 million LUNC removed by LUNC DAO and 4.78 million burned by Luna Station 88.
Strong Support by Community
For a week, Luna Station 88 held off on its customary burn of one-third of collected commissions in favor of ensuring the passage of Proposal 11242. Having this policy in place decreases the amount of LUNC that may be minted after they have burned, and also eliminates any seigniorage rewards that could otherwise be accrued.
In the meanwhile, Duncan, the previous developer of Terra Rebels, burned 6 million LUNC tokens in two separate transactions. Two key ideas to accelerate the burn rate of LUNC were recently approved by the Terra Classic community. In spite of the fact that Proposal 11242 and Proposal 11243 raised the burn rate, they decreased payments to the community fund.
In addition, LUNC support was implemented at TFL’s interchain Station. Currently, LUNA, LUNC, Osmosis, Juno, Kujira, Carbon, HuaHua, and Cresent chains may be accessed from the Station.
