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Allnodes Burns Over 56 Million LUNC, Plans To Burn LUNC Weekly Till The End Of 2022

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LUNC validator Allnodes is set to burn LUNC weekly till the end of the year.

In a tweet today, LUNC validator Allnodes urging members of the LUNC community to stake with it, announced that it had sent over 56 million LUNC to the burn wallet from its 5% commission.

“56,706,118 LUNC were burnt earlier today by Allnodes,” the validator tweeted. “Delegate to Allnodes and participate in our weekly ritual until the end of 2022!”

Community members can find further proof of the transaction on the LUNCPenguins website created by HappyCattyCrypto with the description Allnodes burn. Consequently, Allnodes now ranks as the 9th largest burner of LUNC tokens. As stated in its tweet today, it plans to burn LUNC weekly till the end of the year.

It bears mentioning that Binance leads the ranking with over 8 billion LUNC burned so far as the community anticipates the next burn today. Notably, it is ahead of the 1.2% tax burn, which accounts for about 6.5 billion of all LUNC burned. 

It is worth noting that decreasing on-chain volume after implementing the 1.2% tax has prompted the community to push for a tax reduction. Currently, the community is voting to reduce the tax to 0.2% while setting aside 10% of the tax collected for development activities by routing it to the community pool.

Notably, Allnodes has also voted in favor of the new proposal after being convinced by Edward Kim’s analysis despite initial concerns that it was too soon.

The increasing support for LUNC burns is a testament to the strength of the community, which is drawing the attention of different crypto platforms which hope to grow their user base while pressuring industry leaders like Binance to burn trading fees obtained from the token.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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