Wednesday, February 1, 2023
HomeCrypto NewsThe Terra Classic Burn Spikes; Burn Rate Increases by 637%

The Terra Classic Burn Spikes; Burn Rate Increases by 637%

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On Sunday, independent validator Luna Station 88 accounted for 95% of all tokens burnt. Over 5 million Terra Classic were destroyed.

Following a quiet Saturday, the Terra Classic (LUNC) burn campaign recently stepped up, with 5,018,015 (5M+) tokens cremated on Sunday, marking a 637% increase in burned tokens from the previous day. 

Luna Station 88, an independent Terra validator, contributed 95% of the burned tokens.

Although other transactions added to the total burning on Sunday, the fire at Luna Station 88 was the only noteworthy one during the weekend. 

On January 15, 15:09  (UTC), a transaction involving the destruction of 4,708,208 LUNC coins occurred.

Although there was no memo, information from LUNC Penguins indicates that it came from Luna Station 88.

Shortly after the burn, the validator verified the development via its official Twitter account. 

Luna Station revealed that it had spent one-third of the commissions it had received over the previous two weeks on burning. 

The community pool received a third of the realized commissions, while the remaining third was utilized to fund the validator.

Luna Station 88 Has Persistently Kept to its  Commitment

The most recent event confirms that Luna Station 88 will keep its promise to the Terra Classic community from last October. 

The validator declared that it would increase its fee to 5% as of November 10, 2022. 

It added that the commissions would be split into three equal sections every two weeks, with two portions going to the validator and one to the neighborhood pool. The third piece is to be burned.

Regarding the appropriation of the realized commissions, Luna Station 88 has consistently adhered to its commitment. 

As reported, in November of last year, it was one of two validators, along with LUNC DAO, that collectively destroyed 9M+ coins. 

With 30.2M tokens burned thus far, Luna Station 88 is the 17th largest burner.

A total of 37.5 billion tokens have been destroyed in the overall campaign, with Binance being the largest burner, with 20.1 billion tokens burned. 

The community is still anticipating the next round of burns from Binance, which the exchange delayed until March 1. 

The platform’s reaction to a previously approved plan to re-mine 50% of all burned tokens included the delay.

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