The Terra Classic Burn skyrocket As Supply Drops Below 6T

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The Terra Classic Burn skyrocket As Supply Drops Below 6T
The Terra Classic Burn skyrocket As Supply Drops Below 6T

The number of Terra Classic (LUNC) burns has topped 28 billion. As LUNC supply falls below 6T, 1B Terra Classic is burnt.

In the last few days, the amount of LUNC tokens burned has soared. On November 12, 27.1 billion LUNC tokens were burnt. 

Nearly 1 billion LUNC tokens have been delivered to the official Terra Classic dead wallet in six days, raising the total to 28.01 billion. 

@LunaBurn13, an unofficial community-driven Twitter account that tracks all LUNC burn transactions, announced the news.

Aside from the number of tokens burned, Terra Classic community members have staked a massive 880.4B LUNC. LUNC staked assets account for 12.79% of the token’s total supply, according to the Twitter handle.

LUNC Circulating Supply Currently Below 6T

The LUNC revival effort has successfully lowered the number of tokens in circulation. 

Data from CoinMarketCap shows that there are now less than 6 trillion LUNC coins in circulation. The current circulating supply of LUNC is 5.997 trillion (5,997B).

LUNC supply falls below 6T

 The Ongoing LUNC Burn Campaign

Most LUNC tokens were burned as part of the 0.2% tax burn on all on-chain transactions. 

Other organisations, such as Binance, LUNCDAO, and others, have made considerable contributions to the ongoing LUNC burn campaign in addition to the 0.2% tax burn deductions.

The company that has burned the most LUNC tokens is still Binance. Around 13.7 billion of the 28.01 billion LUNC burned were in Binance. 

The fees collected from LUNC trading activity on the platform were used by the biggest cryptocurrency exchange in the world to burn the tokens.

LUNC Burn will Spike Tremendously

The amount of LUNC burned is anticipated to increase dramatically in the upcoming weeks. Since the community instituted the 0.2% tax burn, LUNC trade volume has surged.

 LUNC was in the top 10 assets with the largest trading volume in both Binance and KuCoin, as reported earlier this week.

The jump in the asset’s trading volume on Binance indicates that the next batch of LUNC burn on the exchange will increase significantly. 

Recall that the trading platform modified its LUNC incineration timetable weekly to monthly after Binance finished its fifth LUNC burn on October 31, 2022. Binance’s next LUNC burn report is slated for December 2, 2022, due to this choice.

Yesterday, Terra Classic developer Rex Harrison AKA Rexzy, revealed that a new casino supporting LUNC burns would soon launch on the network. 

The speculation was corroborated by TerraCVita, an independent Terra Classic development group, which noted that the casino could burn up to 24B LUNC in six months.

Furthermore, a Terra Classic decentralised exchange that promised to be a LUNC furnace is currently being developed, which will help to boost burns.

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