LUNC burns Rises; 35 Million Terra Classic burnt  In 24 Hours

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The Terra Classic IBC Channels to Reopen Tomorrow
The Terra Classic IBC Channels to Reopen Tomorrow

Terra Classic (LUNC) burns are still on the rise. Unknown Wallets Terra Classic 35M Burn 125M by 0.2% tax burn in 24 hours

The number of LUNC burnt yesterday was revealed by @LunaBurnTracker, a Twitter handle that tracks all Terra Classic fires. Yesterday, 35,789,630 (approx. 35.79M) LUNC were burned, according to LunaBurnTracker.

Yesterday, it also highlighted some of the network’s major burns. According to Luna Burn Tracker, an unidentified wallet transferred 1 million LUNC official burn wallets roughly 20 hours ago.

The LUNC burn tracker also reported that another 6,584,563 (6.58M) Terra Classic tokens ($1,024) were sent to the burn wallet a few hours later.

It didn’t take long for another address to incinerate 25,170,414 (25.17 million) LUNC. According to @LunaBurnTracker, 2.6 million LUNC tokens worth around $396 were also burnt.

Another Twitter handle that records LUNC burns, @LuncBurn 13, reports that 28.29 billion tokens have been delivered to the dead wallet. 

In the last 24 hours, 127.5 million LUNC were destroyed by the 0.2% tax burn, according to @LuncBurn 13.

It is worth mentioning that the burns are part of an ongoing operation to lower the amount of Terra Classic tokens in circulation. 

The community has staked almost 900 billion LUNC in addition to LUNC burns. Statistics show that 889,116,030,196 (889.1 billion) LUNC coins have been staked. At the moment, the circulating supply of LUNC is 5.99 trillion.

The supply of LUNC in Circulation will Reduce in the Next Weeks

Binance is constantly burning LUNC from fees generated by the token’s trading on the exchange.

Binance has so far burned around 13.7 billion LUNC through the campaign. 

However, the world’s largest cryptocurrency exchange adjusted its LUNC burn schedule weekly to monthly. According to this, Binance will burn its next LUNC on December 2, 2022.

The Terra community still has alternative methods for hastening burns. 

One example is Terra Rebels’ lottery game, which was established last month; each lottery ticket costs 5,000 LUNC. 

Typically, 26% of the total LUNC for each round is delivered to the dead wallet. As previously reported, Terra Rebels burned 7.93M LUNC in the second round of the lottery game.

According to Rexzy, Terra Classic’s future casino might burn 26 billion Terra Luna Classic (LUNC) in six months.

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