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.
Congratulations to our winner, winning over 20,000,000 $lunc, and the owner of the wallet:
terra1ufyhkx8cxlc4hspa6k2wvufvzywvrczuqe39q0.Please visit our website to participate in the next drawing.
Link: https://t.co/cdgQJg4K3r
The next round starts now. #LUNC #LunaClassic pic.twitter.com/ABYG01EVFD
— Terra Rebels (@TerraRebels) November 4, 2022
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.
If you wish to participate into our lottery drawing, please visit our website and navigate to the "DAPPS" tab.
I would encourage the #LUNC community to retweet this specific tweet as a direct source to our website to avoid any possible scam sites/links.https://t.co/ocJY5KedGE
— reXx™ (@reXxTerraRebels) November 5, 2022
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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