According to Classy, a network validator and community influencer disclosed in a tweet on Monday that CoinMarketCap has revised the Terra Luna Classic circulating supply once more, displaying a better reflection of the figures.
Notably, reXx of the Terra Rebels, an independent Terra Classic development team, validated the new data in a tweet approximately an hour later.
The data tracking platform’s update highlights the community’s commitment to restoring the network and minimising the supply of LUNC. In contrast to services like CoinGecko, which is listed as 6.88 trillion, it shows the LUNC circulating supply as 6.012 trillion.
However, some users continue to claim that CoinMarketCap’s estimates need to be updated because they think the circulating supply is now less than 6 trillion. Notably, the unofficial LUNC burn tracking Twitter account @LUNCBurn 13 places the circulating supply of LUNC at $5.96 trillion, whereas the #LUNCPenguins website created by community member StrathCole places it at 5.68 trillion.
It is important to note that the de-pegging of TerraClassicUSD caused an excess of LUNC to be minted at the height of the Terra ecosystem collapse, raising the supply to around 6.9 trillion. The massive supply thus destroyed the value of LUNC and the holdings of its users.
According to a report, since the community took control of the chain with the aid of Binance and other friendly groups, it has burned more than 27 billion LUNC. Additionally, according to a tweet from @LuncStaking Bot yesterday, the re-introduction of staking has resulted in the staking of over 870 billion tokens, or more than 13% of the supply, significantly lowering the number of tokens in circulation.
The community is increasingly leaning toward utility after initially coming together under the tent of burn initiatives to lower the supply. A fresh NFT marketplace debuted on the network 2 days ago, as fxcryptonews reported. Notably, reXx emphasised this when responding with “utility and repeg” to a user who inquired about the plan to reduce the supply of LUNC in the upcoming years.