Burn Rate Rises Over Weekend, 5M Terra LUNC Burnt

Burn Rate Rises Over Weekend, 5M Terra LUNC Burnt

Despite a lull in activity, Terra LUNC burns continued over the weekend as more than 5 million tokens were consumed over the course of the weekend and this morning. 

Validators LUNC DAO and Luna Station 88 are responsible for 90% of the total burnt tokens. 

The most recent noteworthy transaction included LUNC DAO burning 2.1 million tokens.

According to statistics from Terra Finder, the most recent burn transaction occurred this morning at 2:44 (UTC), involving the burning of 2,190,555 (2.1M) LUNC. 

The transaction note indicates the link to the independent Terra validator LUNC DAO, which reads LUNC-DAO-BURN.

In keeping with its pledge to regularly burn in support of the neighborhood, LUNC DAO continues to be one of the major supporters of the Terra Classic burn campaign. 

The validator is one of the first to support the burn movement and the revival plan. The most recent burn occurred after it destroyed 1.6 million tokens last week.

With a total cumulative burn of 437.9M tokens so far, LUNC DAO is the fifth largest burner and the largest burner among validators due to its consistent contribution, according to data from LUNC Penguins.

In addition to LUNC DAO’s most recent burn, the community burned 3,050,018 (3M+) tokens on Sunday, an increase of 3,342% from the burn rate seen on Saturday. 

Luna Station 88, another autonomous validator, was responsible for 2,981,683 (2.9M) of the 3M+ tokens.

The largest single burn over the weekend was Luna Station 88, which occurred on Sunday at 17:08 (UTC). 

The burn is the validator’s most recent attempt to burn a third of its weekly commission, even if it isn’t stated clearly in the tweets that highlight the transaction.

Community Not Okay With Current Terra LUNC Burns

Following the most recent cumulative burn of 5 million or more tokens, the overall number of tokens burned now stands at 38.2 billion LUNC or 0.55% of the total supply of the asset. 

6.89% of the total supply is anticipated to be used in five years at the current burn rate. 

Numerous proposals have been put out to speed up the burning because the community has yet to find the existing pace especially suitable.

In this regard, the concept of a LUNC decentralized exchange (DEX) has been put out, and TerraCVita, an independent development team, is actively working on the project. 

TerraCVita has unveiled the first glimpse of the ongoing project.

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