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HomeCrypto NewsThe Terra Rebels Burn 10.5M LUNC After The First Round Of Its...

The Terra Rebels Burn 10.5M LUNC After The First Round Of Its Lottery Game On The Terra Classic Network

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The Terra Rebels burn 10.5 million LUNC.

In a tweet on Friday, the Terra Rebels disclosed that the first round of its lottery game had ended, with details revealing that the winner went away with over 24 million Terra Luna Classic (LUNC) and over 10.5 million LUNC sent to the burn wallet.

As reported by The Crypto Basic, the Terra Rebels launched the lottery game last Friday. It is the first decentralized app (DApp) built on the Terra Classic network. 

Notably, each round of the game runs for seven days, with tickets costing 5000 LUNC, about $1.25 at current rates. As highlighted in the previous report, the winner goes away with 60% of the pool, while the DApp sends 26% to the burn wallet. 

As expected, the community has celebrated the latest development. One user urging others to participate described it as a “great initiative,” as users stand a chance of winning prizes for supporting the LUNC burn. At the same time, another user noted that the community needed to draw more attention to the project.

With the next round already on, those who still need clarification about how to participate can follow a guide shared by reXx of the Terra Rebels today to direct users. According to the tweet, users only have to navigate to the “DAPPS” tab on the Terra Rebels website, cautioning users to be wary of scam websites as the game will require them to connect their wallets.

It bears mentioning that the lottery game represents a step toward balancing utility with the desire to reduce LUNC supply. As reported by The Crypto Basic yesterday, a Terra Classic developer believes that the community will eventually have to let go of the tax burn parameter to incentivize DApp development on the chain, as utility is sure to bring more efficient LUNC burns.

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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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