Terra Classic Community Burns 210 Million LUNC Tokens In January

February 1, 2023 Brazen Crypto Team Terra 0

The Terra Classic community burned almost 210 million LUNC tokens in January amid the push to increase the burn rate. Validators and projects running on the Terra Classic network commit to burn millions of LUNC tokens after crypto exchange Binance temporarily suspended its LUNC burn mechanism until March.

The total Terra Classic (LUNC) tokens burned by the community has reached over 38 billion LUNC tokens. Also, the total LUNC tokens staked has reached almost 903 billion, with staked supply ratio of 13.14%.

Terra Classic Community Successfully Raises LUNC Burn Rate

The Terra Classic community shifted its focus to burning more amounts of Terra Classic (LUNC) tokens to compensate for fewer burns in December. In addition, Binance suspended its LUNC burn mechanism until March and reduced LUNC burn contributions from trading fees to 50% instead of 100%.

Terra classic validator Allnodes leads the tally with over 123 million LUNC tokens burned on January 1. Recently, Allnodes’ high voting power and saving seed phrases of validators through its node hosting service raised centralization risk concerns. On Friday, Allnodes announced non-custodial node management for Cosmos-based networks.

TerraCasino project burned over 26 million LUNC tokens and validator LUNC DAO contributed over 12 million LUNC burns in January. It is followed by HappyCattyCrypto and Luna Station 88 with 9 million and 8.5 million LUNC burns. Other community members and developers also contributed to increasing the burn rate.

Moreover, the community has passed Proposal 11310 introduced by Edward Kim to upgrade the blockchain from v1.0.4 to v1.0.5 and introduce codes to make future upgrades possible. It will also bring back the Binance LUNC burn mechanism.

LUNC Price Awaits Move Above $0.00020

Terra Classic witnessed a massive rally in the starting week of January. However, it failed to hold on to the rally and fell below $0.00015.

At the time of writing, the LUNC price is trading at $0.000169, down 3% in the last 24 hours. The 24-hour low and high are $0.0001677 and $0.0001776, respectively.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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