Largest LUNC Token Burn Happens, 1.2% tax Burn Framework Commences

Posted on by Dennis Gatheca
Estimated read time 3 min read
  • A report by LunaBurnTrackers shows that 96 million LUNC were added to Terra’s dead wallet in the last 24 hours.
  • TerracVita, a group dedicated to Terra Classic development, is joining forces with High Stakes Switzerland to launch a validator.

The Terra community continues to be the embodiment of the words of prominent J.K Rowling who stated that “We are only as strong as we are united, as weak as we are divided”.

The LUNC investors are deploying all efforts to make the crypto valuable through a series of community efforts, including burns and staking.

The community made its first strike last August when Terra chain started offering staking services leading to 610 billion LUNC being staked.

Adding to their efforts, the community started burning LUNC tokens. In order to bring this to fruition, they have increased the rate at which they are burning LUNC tokens, burning tens of millions of tokens daily.

Data from LunaBurnTrackers shows that more than 150 million LUNC tokens have been removed from circulation in the last 3 days. According to the unofficial Twitter account that covers various Luna Classic burns,  on September 17, 2022, a total of 26,586,512 LUNC (26.5M) were incinerated.

In another event, 27,337,229 (27.3) LUNC tokens were removed from circulation, totaling around $7,914.

Surprisingly, Terra’s fire doesn’t seem to extinguish and as of today, the Twitter account reported that 96 million LUNC were added to Terra’s dead wallet.

The Terra community believes that the burning of LUNC tokens increases the chances of bolstering the value of the cryptocurrency again. Although the bigwig still remains the 1.2% tax burn being implemented for all LUNC on-chain transactions.

Major cryptocurrency exchanges like Binance, KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn, and the latest, Kraken have agreed to endorse the proposal once it goes live tomorrow.

New Partnership to Fund Terra Classic (LUNC) Development

In support of Terra’s staking services, TerracVita, a group dedicated to Terra Classic development, announced in a tweet on Sunday that it will be collaborating with High Stakes Switzerland. The collaboration aims at launching a validator to help generate funding for Terra Classic development activities.

Our volunteers have self-funded for four months, helping implement governance proposals, developing code, and restoring governance to give LUNC a chance of life.

TerracVita heartened investors to stake with the validator to encourage Terra Classic development.

The Terra community is congenial with the launch of the validator as they feel that contributors deserve compensation for their efforts. Such a move also induces an incentive for increased development activity on the network.

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Dennis Gatheca

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