With the current daily burn rate, up to 9% of the total supply of LUNC should have been incinerated in 5 years.
So far, the community has incinerated 36,536,033,484 (36.5B) LUNC tokens as part of the Terra Classic (LUNC) burn campaign, representing 0.53% of the asset’s total supply of 6.8 trillion tokens and approximately 0.61% of its circulating supply of 5.9 trillion. This accomplishment demonstrates the dedication of exchanges, validators, and community members to the burn initiative.
Out of the 36.5 billion LUNC burned, 24.98 billion tokens were sent to the burn address, with 11.55 billion incinerated due to the burn tax implementation. According to NFT data and the on-chain analytics tool TerRarity. The asset’s daily burn rate is 324.4M LUNC burned per day. At this rate, up to 3.9% of the total supply should be consumed in two years and 9% in five.
Since the start of the burning campaign, everyone has been working hard to ensure that the asset’s supply is drastically reduced. Binance has contributed the most among the numerous entities involved, with 20.1B LUNC burned, accounting for 55% of total burns, as previously reported by FxCryptoNews.
Binance’s next monthly burn for December is expected in a few days.
Furthermore, prominent validators such as Allnodes, LUNCDAO, Happy Catty Crypto, and Luna Station 88 have devoted themselves to the cause, burning millions of tokens occasionally. Luna Station 88 and Happy Catty Crypto incinerated 9.8M and 5.4M tokens in the two most recent significant burns on Sunday.
Related Article: 23M LUNC Burned by Terra Classic Casino in a Month
Calls for a Review of the Burn Tax
Meanwhile, with 11.55B tokens burned through the burning tax, some community members have expressed dissatisfaction, pointing out that the asset would benefit more if the burn rate was increased to 1.2% from the current 0.2% rate. Influencer LuncTech has recently requested a review.
In October, the community approved a proposal to reduce the burn tax rate from 1.2% to 0.2% in response to a significant drop in on-chain volume.