Decentralized finance protocol DFLunc made significant progress this month by burning approximately 2.5 billion Terra Classic (LUNC) tokens. Now, the project has shifted its attention to the eagerly anticipated AI app chain called “Block Entropy,” developed by core developer Edward Kim. As part of this transition, the project has recently burned millions of LUNC tokens to acquire Block Entropy TestNet tokens.
DFLunc Burns LUNC Tokens to Obtain Edward Kim’s Block Entropy AI Chain:
DFLunc, a decentralized finance protocol, has introduced a significant update to its LUNC burn mechanism. To facilitate the acquisition of Edward Kim’s “Block Entropy” testnet tokens, the protocol has implemented a new approach where LUNC is transferred directly from user wallets to the burn address.
Instead, DFLunc is now using a different address to facilitate the transfer of tokens by instructing users to enter “entropy” in the memo field of their transactions. On May 25, the protocol sent 58 million LUNC tokens to the burn address from the new protocol, followed by an additional 44 million LUNC tokens on May 26. The primary objective of the protocol is to expedite the deflation of the circulating supply by burning billions of Terra Classic tokens.
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According to Edward Kim, users are required to send LUNC tokens to the burn address while including a message with the word “Entropy.” Afterward, they need to enter the transaction hash into the TestNet faucet.
The amount of LUNC you burn will determine the quantity of testnet tokens you receive in return. It’s important to note that these testnet tokens only hold value within machine learning activities and do not possess independent intrinsic value.
TestNet playground will go public sometime in mid-May. TestNet will only support a small set of ML inference tasks at this time (AI image diffusion, text language models, and music generation). Distributed training, fine-tuning, python APIs, and SNARK verification comes later. pic.twitter.com/2ixJoANAVP
— Edward Kim (@edk208) April 29, 2023
Once testing on LUNC L1 TestNet is complete and a governance proposal is approved, Edward Kim will collaborate with the Joint L1 Task Force to integrate Interchain Accounts (ICA) into Terra Classic. However, this integration will only take place after the CosmWasm v1.1.0 parity upgrade scheduled for June 14.
Following the Parity upgrade, the L1 Task Force (L1TF) is also exploring the possibility of collaborating with the USTC repeg team. Their objective is to establish a USTC test environment specifically aimed at developing the necessary infrastructure for ensuring the successful repegging of USTC to maintain a value of $1.
Will Terra Classic Price Hit $1?
The current price of LUNC is $0.000086, reflecting a 2% increase in the last 24 hours. During this period, the lowest price recorded was $0.000085, while the highest price reached $0.000087. Additionally, there has been a significant rise in trading volume over the past 24 hours.
The community has burned a total of $60 billion worth of LUNC tokens. The rate of burning has intensified following the community’s decision to raise the burn tax to 0.5%. This adjustment received support from crypto exchanges like Binance.
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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
