The Terra Classic community has set eyes on increasing the burn rates for Terra Classic (LUNC) tokens as the LUNC burn rates dropped in December. Moreover, crypto exchange Binance temporarily suspended its LUNC burn mechanism until March and reduced the burn amount to 50% have also affected the LUNC burn rates.
Terra Classic Validators and Projects Aim To Increase Burn Rate
Terra Classic validators and projects aim to burn billions of Terra Classic (LUNC) tokens in 2023. Until now, the community has burned over 37.30 LUNC tokens and staked almost 850 billion LUNC tokens.
Terra Casino, in a tweet on January 9, revealed that it has sent over 8 million LUNC tokens to the burn address. It has burned 50 million LUNC tokens in less than 2 months. The project commits to burn billions of LUNC tokens.
Moreover, validator LUNC DAO has burned over 4 million LUNC tokens in the last 24 hours. Two transactions with 2.235 million LUNc tokens each were sent to the burn address. LUNC DAO burned over 2 million Terra Classic tokens on January 2. This makes LUNC DAO the 5th largest burners of Terra Classic tokens.
Meanwhile, the community votes on two important proposals. Proposal 11242 effectively stops reminting of LUNC from burns and sets the community pool reward policy to zero. Also, Proposal 11243 suggests increasing gas fees by 5 times and funding the community pool from fees.
Terra Classic core developer Edward Kim warns the community that the proposals could severely impact funding for the community pool as data shared in the proposal has a miscalculation. Thus, it shows extra fees being distributed. However, a fix could later witness much less going to the community pool.
So read: Why KuCoin Undelegated 48 Billion LUNC Tokens?
LUNC Price Jumps 6%
Amid the recovery in the broader crypto market, the LUNC price jumped over 6% in the last 24 hours. Also, the trading volume has increased by 180% in the last 24 hours.
The 24-hour low and high are $0.000153 and $0.000166, respectively. The LUNC price is trading in a range after hitting a high of $0.000184 on December 27.
So read: Here’s How Much Your $100 Investment in Terra Classic Will Be Worth If LUNC Reaches $1
Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
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