After only 24 hours of operation, a new Terra Classic (LUNC) validator has staked up to 13.98 billion LUNC tokens. This was accomplished mainly by LUNC ONE, a Chinese validator, through irregular transactions, including redelegation occurrences. According to data from a Terra Classic analytics tool, the validator, known only as “DFLunc.app,” reportedly received up to 86 delegation transfers in a 24-hour period beginning on May 1 at 12:03 (UTC).
A few transactions involved billions of Terra Classic tokens, whereas the majority involved thousands or millions of tokens. The validator received a stunning 4.4 billion LUNC in the first significant transaction. A second delegation of 1.6 billion LUNC took place shortly after that. These tokens were redelegated to the new validator after being undelegated from LUNC ONE.
Some community members have cautioned investors because the validator is still new. The validator’s creators, however, recently appeared to allay rising fears and reveal more about their goals for the ecosystem of Terra Classic.
Although little information is available about the project’s incineration exercise, it is claimed that over 370 million LUNC have been burned in a short time. For investors that stake their native tokens, the validator team has also guaranteed profits. Despite its promise, investors are urged to do their homework and proceed cautiously when investing.
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Terra Classic Circulating Supply Keeps Reducing
Following the series of redelegations, the total amount of Terra Classic tokens staked now stands at 962.3 billion, or 14% of the total 6.85 trillion LUNC token supply. The Terra Classic’s supply has steadily declined as burns and stake occurrences have been sustained. At this time, there are 5.89 trillion LUNC in circulation.
As of January 20, 901 billion LUNC tokens were staked, as was previously reported. Less than four months later, over 60 billion additional tokens have been staked, substantially reducing the asset’s available supply.
Token burns are still ongoing, while contributions come from all directions. The project burnt 94.58 million LUNC last month on six different transactions. Notably, Binance burned more than 1.2 billion LUNC. With this, the exchange’s overall burning reached a staggering 31.83 billion LUNC.
The most recent USTC re-peg proposal, which was just approved, also suggests buying LUNC tokens and burning or staking them. The recently created project from Cremation Coin has also complied with its pledge to aid in the Terra Classic burning. Over 9.4 million LUNC were burned in its most recent burn, a short while ago.
Read Also: Cremation Coin Introduces New NFT Project for LUNC Burns