HomeCrypto NewsMarketTwo Wallets Cumulatively Burn 9M+ Terra Classic (LUNC)

Two Wallets Cumulatively Burn 9M+ Terra Classic (LUNC)

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Over 9M LUNC tokens have just been burnt in two different transactions, with LUNCDAO accounting for 4.9M of the incinerated assets and Luna Station 88 burning 4.4M.



The Terra Classic (LUNC) community recently witnessed two burn transactions which saw the incineration of 9.3M LUNC tokens, with independent validator LUNCDAO accounting for 4.9M burnt tokens as part of its periodic incineration exercise aimed at supporting the initiative for the revival of the once-neglected token. Additionally, the validator Luna Station 88 burnt 4.3M.

The recently indexed transactions occurred barely 16 hours apart between November 27 and 28. The first transaction incinerated 4,454,817 LUNC tokens on November 27, 9:49 (UTC). Despite being without a memo, the transaction can be traced to the Terra validator Luna Station 88, as disclosed in a recent tweet.

The burn transaction from Luna Station 88 involved a third of a commission the Terra validator recently withdrew to 13.3M LUNC and 45K USTC. The validator burnt 4.4M LUNC and 15K USTC. The other third was used to support the validator, while the last was sent to the community pool.

 

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The second burn transaction occurred on November 28, 2:39 (UTC) witnessed the transfer of 4,928,589 LUNC to the central burn address. The memo on the transaction reads LUNC-DAO-BURN-37, indicating that the burn transaction was carried out by the independent LUNC validator LUNCDAO. This marked the 37th burn transaction from LUNCDAO since it began its burns to support the campaign.

Due to its consistency in keeping up with the burns, LUNCDAO currently holds the fifth position of top entities which have burnt the most LUNC tokens, with a total burn of 409M+ LUNC. While LUNCDAO towers over fellow Terra validator Allnodes, it’s understandably behind Binance, which secures a first position, and MEXC, which is fourth on the list. LUNCDAO burnt 22M tokens in one transaction late last month, as previously highlighted.

Amidst the uncertainties and numerous debates launched within the LUNC camp concerning the burning campaign, entities involved have remained consistent in keeping to their promise of supporting the community. As a result, the network has witnessed a total cumulative burn of 28.6B LUNC, per data from LUNC Pengiuns, with Binance accounting for 13.7B incinerated tokens.

It is worth noting that a recent proposal to temporarily increase the on-chain tax burn rate to 1.2% once more as a way to leverage the potentially heightened volume of transactions that could arise from the re-opening of the Inter Blockchain Communication (IBC) on December 5. The Crypto Basic recently noted that the proposal sparked a debate within the community, as some members believe it is an imprudent decision.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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