The total amount of Terra Luna Classic tokens burned has reached 70 billion, and this milestone comes before Binance’s upcoming monthly LUNC burn mechanism.
The Terra Luna Classic community has burned a total of 70 billion LUNC tokens since May 18, 2022, as part of their efforts to decrease the circulating supply. Binance, the world’s largest crypto exchange, has contributed more than 50% of the total LUNC burned by burning almost 36 billion LUNC tokens.
The current circulating supply of LUNC tokens is 5.81 trillion out of a total supply of 6.84 trillion LUNC. To accelerate the LUNC burn rate, the community aims to enhance the token’s utility.
Total LUNC Burn Reaches 70 Billion Milestone
After the May 2022 Terra-LUNA Crisis and the separation of the chain from TFL by Do Kwon, the Terra Luna Classic community took charge and initiated a burn campaign and staking features last year. The project is now managed by community-approved developers, validators, and members.
The Terra Luna Classic burn campaign has achieved a significant milestone, reaching 70 billion LUNC burned. This is a result of contributions from crypto exchanges, validators, projects, and community members who send LUNC to the burn address. On average, the community burns about 400 million LUNC per week, while Binance significantly contributes by burning billions of LUNC as part of its monthly LUNC burn mechanism.
Binance recently burned over 2.65 billion LUNC tokens in the 11th batch of the LUNC burn mechanism on July 1, bringing the total LUNC burned by the exchange to over 35.5 billion.
Looking ahead, the Joint L1 Task Force developer group and the Quant USTC repeg team are focusing on reducing the circulating supply of LUNC and USTC in Q3. Their goal is to repeg USTC to $1 and collaborate with exchanges to ensure a successful implementation.
The community has turned its attention to burning idle USTC and LUNC held in other protocols. Vegas proposed a plan to either burn 800 million USTC or transfer it to the community pool from Ozone protocol.
Terra Luna Classic Price Faces Pressure
The price of LUNC dropped by 1% in the last 24 hours and is currently trading at $0.000081. During this period, the lowest price reached was $0.0000813, and the highest was $0.0000824. However, LUNC fell below the $0.000082 support level after failing to maintain the $0.000090 support level.
The price of USTC is currently at $0.015, showing a decrease of more than 1% in the last 24 hours and a 15% decline over the past week, following a recent surge. Additionally, the trading volume has also decreased in the past 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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