The community is doing its best to burn Terra Classic (LUNC).
The LUNC burn initiative remains on track, with Allnodes and LUNCDAO burning 30.4M and 22.2M tokens today.
The journey towards reviving Terra Classic (LUNC) has been rough for the community, but a commendable level of rigor and persistence has kept the campaign on track despite opposition. The burn initiative, which looks to diminish the asset’s circulating supply, has picked up beyond critics’ expectations.
LUNCBurn, a Twitter account dedicated to live tracking all LUNC burns, recently provided an update on burns from validators Allnodes and LUNCDAO, indicating the campaign’s persistence.
“Today we’ve had Allnodes burn 30.48m Lunc, we’ve had LUNCDAO burn 22.2m Lunc,” the handle disclosed in a tweet Monday.
Furthermore, the account sought the community’s opinion on the rate at which the LUNC burns are executed by current entities, seeking to know if the campaign needs more projects set up to contribute their quota of burns, especially validators. Most proponents have agreed to set up more validators.
Today we’ve had @Allnodes burn 30.48m $Lunc, we’ve had @LUNCDAO burn 22.2m $Lunc and we’ve got @binance burning their weekly fees at some point today ? do you guys think we need more projects burning, maybe more validators set up to burn #Lunc? #luncburn #LUNCCOMUNNITY
— LUNC Burn ? (@LunaBurn_13) October 24, 2022
Meanwhile, Allnodes and LUNCDAO had respectively provided updates on their latest burns. “30,481,097 LUNC were burnt earlier today by #Allnodes. Delegate to Allnodes and participate in our weekly ritual until the end of 2022,” Allnodes revealed in the early hours of Monday, as it shared proof of the burn transaction, which occurred on October 24, 5:53 AM (UTC+1).
30,481,097 $LUNC were burnt earlier today by #Allnodes. Delegate to Allnodes and participate in our weekly ritual until the end of 2022! Auto-compound your rewards with @keplrwallet or @Ledger through the Allnodes portfolio page while we are burning?https://t.co/SuBZ6zxAgY pic.twitter.com/9pKX6LGIpT
— Allnodes (@Allnodes) October 24, 2022
As a response, ReXx, a prominent member of the Terra Rebels group, expressed his gratitude to the platform for their support of the Terra Classic revival cause.
“Thank you #Allnodes for all your support in front of and behind the scenes supporting #TerraClassicCommunity, #TerraCVita, and so many other communities trying to make a difference and make #LUNC great again,” ReXx remarked.
Thank you #Allnodes for all your support infront of and behind the scenes supporting #TerraClassicCommunity, #TerraCVita, and so many other communities trying to make a difference and make #LUNC great again. https://t.co/dkpAjQ5AD2
— Rexyz (@RexYellerBelly) October 24, 2022
Additionally, LUNCDAO had shared proof of its burn transaction amounting to a total of 22.2M LUNC tokens. LUNCDAO revealed that it had burnt approximately 400M LUNC tokens since the outset of the burn initiative, highlighting that they were the first to implement the burns, and will continue to the very end.
“We cannot compete with Binance, but we were the first to burn and we will be the last. We love $LUNC more than anyone. The more stakers, the more we burn,” the community validator noted.
~400M now burned since we started the burn movement to revive $LUNC back in May
We cannot compete with Binance, but we were the first to burn and we will be the last. We love $LUNC more than anyone
The more stakers, the more we burn
— ?⚛️??ℕℂ ???⚛️? (@LUNCDAO) October 24, 2022
Despite the hurdles along the way, the LUNC community remains steadfast in its campaign to rejuvenate the asset. The burn proposal has been on track, with over 22B LUNC burnt.
Binance remains the biggest contributor to the LUNC burn initiative, destroying billions of tokens every week by sacrificing trading fees realized from LUNC spot and margin trading. The Crypto Basic recently revealed that total LUNC burns reached 22.7B tokens as of October 23, with 3.2B burnt in the past week.
Binance burnt about 2.5B Terra Classic tokens in its third batch of weekly burns and 1.3B in its fourth weekly burn, bringing the total burn from the exchange to 12.3B tokens.