Terra Classic Community Burns 150 Million LUNC Without Binance

The Terra Classic community aims to burn large amounts of LUNC tokens to reduce its circulating supply and revive its price to satisfactory levels. The community has burned almost 29 billion LUNC tokens in the last few months after Terra Rebels pushed the burn rate by implementing the v22 upgrade, ultimately introducing staking and the 1.2% burn tax.

With crypto exchange Binance announcing a shift to LUNC burn mechanism on the monthly basis, the Terra Classic community burned nearly 150 million LUNC tokens in November.

Terra Classic Burns Losses Pace Without Binance

Binance burned almost 13.712 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs in October. The crypto exchange burned over 5.5 billion Terra Classic (LUNC) tokens in the first batch and 1.26 billion Terra Classic (LUNC) tokens in the fifth batch on October 31.

The burn rate declined after the community passed Proposal 5234, reducing the LUNC burn tax to 0.2% and redirecting 10% to finance Terra Classic ecosystem development and contributors. Developers and validators have opposed changing the tax burn parameter again as it could impact bringing back utility to the chain.

While validators Allnodes and LUNC DAO remain the largest contributors to 150 million LUNC burned in November, a new project claims to burn billions in just 6 months. LUNC development group TerraCVita asserted Terra Casino can burn 24 billion LUNC in 6 months. Terra Casino announced in a tweet that it has burned 10.8 million LUNC in a week, which it claimed was a “warming up” figure.

Allnodes burned 25,827,385 LUNC tokens as part of its weekly burn, whereas LUNC DAO burned 4,928,589 LUNC tokens.

LUNC Price To Witness Rally in December

Terra Classic price to likely witness a massive rally in December amid upgrades and changes. The developers will implement the v23 upgrade containing the CosmWasm upgrade. Also, they will re-enable inter-blockchain communication (IBC) with Cosmos blockchains at block 10,542,500, estimated on December 5.

Terra Classic price trades at $0.00016, up nearly 3% in the last 24 hours. The 24-hour low and high are $0.000155 and $0.000162, respectively.

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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