Allnodes and LUNCDAO Respectively Burn 26M and 7M LUNC, Totalling 33M Tokens.
All nodes and LUNCDAO just burnt 26M and 7M LUNC tokens in single transactions as part of the weekly burn initiative to support the Terra community.
Decentralized non-custodial node hosting and staking services provider, Allnodes recently burnt 26,150,562 LUNC worth $6K+ in one transaction as it carried out its 7-day LUNC burn for the previous week. LUNCDAO also similarly burnt 7,100,796 tokens.
The non-custodial platform disclosed the development through its Twitter handle in the early hours of Monday. “26,150,562 LUNC were burnt earlier today by Allnodes,” the platform’s official handle noted, sharing a link to the transaction.
26,150,562 $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/hHEWNKH4cz pic.twitter.com/5g2xPuWiCH
— Allnodes (@Allnodes) November 7, 2022
Details from the transaction reveal that the burn was carried out on November 7, 8:30 AM (GMT). The community-driven handle dedicated to tracking all LUNC burns also highlighted the transaction a few minutes after it was initiated.
The recent burn transaction brings Allnodes’ total cumulative burn to 142M LUNC incarcerated since the beginning of the campaign, making the non-custodial validator the 7th largest LUNC burner, per information from LUNC Pengiuns – a platform involved in tracking LUNC burns in real-time.
Recall that Allnodes burnt about 56M LUNC tokens on October 17, as previously reported. The platform also incarcerated up to 30M LUNC tokens on October 24, as it maintained its dedication to supporting the community with its weekly quota of burns.
LUNCDAO’s latest burn transaction, on the other hand, brought the validator’s total burn to 398,284,024 (398M, where the tweet says 400M) tokens, as it secured fifth place on the list of entities with the largest burns.
REMINDER: The more stakers we have, the more we will burn
400M so far 🔥🔥🔥
Choose validators who BURN and provide VALUE to the chain
>80% of the community have chosen validators who provide NO VALUE 👎
DO THE RIGHT THING FOR $LUNC
— 🔥⚛️𝕃𝕌ℕℂ 𝔻𝔸𝕆⚛️🔥 (@LUNCDAO) November 7, 2022
Transaction details indicate that the burn occurred on November 7, 2:35 PM (GMT), having the memo “LUNC-DAO-BURN-35.” LUNCDAO remains one of the platforms dedicated to maintaining their support of the burning campaign.
Despite such burning dedication, both platforms have only burnt a fraction of Binance’s total amount, which currently sits at 13.7B LUNC tokens. Binance has burned more LUNC than any burn tax or validator in a few weeks.
Recall that Allnodes previously voted in favor of the recently-introduced Proposal 5234, which sought to effectively reduce burn rates from 1.2% to 0.2% to revive trade. Volume.