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- The Terra Luna Classic community awaits a significant LUNC burn by Binance to further reduce supply.
- Over 1 trillion LUNC is staked, and 124 billion have been burned, with more expected from the Tax2Gas mechanism.
The Terra Luna Classic (LUNC) community is eagerly awaiting a significant LUNC burn by Binance, the prominent cryptocurrency exchange, as part of its ongoing LUNC burn mechanism. The anticipated burn is expected to further decrease the total LUNC supply, which has recently dropped to 6.78 trillion due to increased trading volumes and previous burns.
The next #Binance $LUNC burn is in 5 days. 🔥
Burn the coins forever! 💎🤲🏻 #Crypto #LUNC #LunaClassic
— ⭕️Cryptonite⭕️ (@Cryptonite_LUNC) June 26, 2024
The delegators have significantly increased their stakes with Terra Luna Classic validators, pushing the total staked LUNC to over 1 trillion. This staking surge reflects strong community support and confidence in the project’s future. The current staking ratio of LUNC is at 14.83%, showcasing the robust backing from validators and investors alike.
Stake your #LUNC 🔒
Over 1 Trillion #LUNC already staked 🔒 pic.twitter.com/OJAX8HKGg1
— Terra Luna army ™🦈 (@terra_army) June 26, 2024
Binance has played a pivotal role in the LUNC burn initiative, having burned approximately 60.42 billion LUNC so far. This amount constitutes nearly 48.8% of the total LUNC burned by the community. The community as a whole has successfully burned around 124 billion LUNC, with 71 billion burned by sending them to a burning wallet and an additional 53 billion through on-chain burn mechanisms.
Last week alone, nearly 7 billion LUNC was burned as whales and investors transferred LUNC from centralized exchanges. These transactions generated total fees amounting to 8.34 billion LUNC, contributing to the overall burn effort. The significant increase in LUNC staked highlights the validators’ and community’s commitment to supporting the network.
Community Gears Up for More Burns
The Terra Luna Classic community is also looking forward to the implementation of the Tax2Gas mechanism, which is expected to boost LUNC burns, as reported by Crypto News Flash. This initiative, anticipated to be completed by July, aims to generate additional LUNC burns through transaction fees.
In addition, Terraform Labs CEO Chris Amani has confirmed that LUNC and USTC (TerraUSD Classic) held in the Terraform Labs and Luna Foundation Guard wallets will also be burned. However, the community has not yet accounted for these burns.
The community reserve pool has also seen a substantial boost, now holding 6.22 billion LUNC and 12.37 million USTC. This reserve provides the necessary funds to support ongoing development activities and enhances the project’s ability to sustain and grow in the long term.
LUNC and USTC Price Trends
Despite the ongoing burn initiatives, LUNC’s price has been trading mostly sideways in the past 24 hours, currently at $0.00008098. The trading range for the last 24 hours has been between $0.000081 and $0.000083, registering a 1% decline. Lunc had a notable 15% decrease in trading volume, indicating a decline in trader interest.
On the other hand, the price of USTC has also experienced a slight decline, falling by 0.47% as trading volumes decreased by 2% over the past 24 hours. USTC’s current trading range is between $0.01758 and $0.01815. Binance’s impending burn is expected to generate significant trading volume and potentially drive LUNC prices higher. If LUNC manages to break past the $0.000090 mark, it could signal a period of extended gains and might also positively impact USTC prices.