Allnodes Burns Over 56 Million Lunc, Intends to Burn Lunc on a Weekly Basis Until the End of 2022

terra classic

In a tweet today, LUNC validator Allnodes announced that it had sent over 56 million LUNC to the burn wallet from its 5% commission, urging members of the LUNC community to stake with it.

“Allnodes burned 56,706,118 LUNC earlier today,” the validator tweeted. “Delegate to Allnodes and take part in our weekly ritual until 2022!”

Members of the community can find additional proof of the transaction on the LUNCPenguins website, which was created by HappyCattyCrypto and titled Allnodes burn. As a result, Allnodes is now the ninth largest LUNC token burner. It plans to burn LUNC weekly until the end of the year, as stated in a tweet today.

Read also: Terra Classic (LUNC) Network Adds The Cosmos Chain Security Patch In Record Speed

It is worth noting that Binance currently leads the ranking with over 8 billion LUNC burned, with the community anticipating the next burn today. Notably, it is higher than the 1.2% tax burn, which accounts for approximately 6.5 billion of total LUNC burned.

It is worth noting that the community has pushed for a tax reduction following the implementation of the 1.2% tax. The community is currently voting to reduce the tax to 0.2% while setting aside 10% of the tax collected for development activities via the community pool.

Notably, despite initial reservations, Allnodes voted in favor of the new proposal after being persuaded by Edward Kim’s analysis.

Related article: LUNC (Terra Classic) Burn Rate Increases By 176,084% As Total Burns Exceed 18 Billion

The growing support for LUNC burns demonstrates the community’s strength, which is attracting the attention of various crypto platforms hoping to grow their user base while pressuring industry leaders like Binance to burn trading fees obtained from the token.