Terra Luna Classic Community Burns 76 Billion LUNC
The Terra Luna Classic community has burned a total of 76 billion LUNC tokens, marking a significant milestone in their efforts to reduce the circulating supply of LUNC. Binance, the world’s largest crypto exchange, has contributed over 50% to the total burn by burning almost 38.81 billion LUNC tokens.
Terra Luna Classic Burn Campaign Reaches Milestone
The Terra Luna Classic burn campaign has reached the milestone of burning 76 billion LUNC tokens. This is achieved through the collective efforts of crypto exchanges, validators, projects, and community members who send LUNC to the burn address. On average, the community burns 400 million LUNC tokens per week, with Binance making significant contributions through its monthly burn mechanism.
L1 Task Force and Quant USTC Repeg Team Focus on Reducing Supply
The Terra Classic L1 Task Force (L1TF) developer group and the Quant USTC repeg team are working towards reducing the circulating supply of both LUNC and USTC tokens in Q4. Their goal is to repeg USTC to $1 and collaborate with exchanges for a successful completion.
LUNC and USTC Face Price Pressure
The price of LUNC has fallen by 3% in the past 24 hours and is currently trading at $0.000056. The 24-hour low and high for LUNC are $0.0000556 and $0.0000583 respectively. Similarly, USTC’s price has decreased by over 4% in the past 24 hours and 12% in a week, currently trading at $0.011.
Hot Take: Terra Luna Classic Community Continues to Burn LUNC Tokens
The Terra Luna Classic community has achieved a significant milestone by burning 76 billion LUNC tokens. With Binance’s contribution of over 50% to the total burn, the community’s efforts to reduce the circulating supply of LUNC have been successful so far. However, there is still a need to increase utility in order to further increase the LUNC burn rate. The developers are also focused on reducing the circulating supply of USTC and are working towards repegging it to $1. Despite facing price pressure, the Terra Luna Classic community remains committed to its mission of reducing token supply.
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