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HomeCrypto NewsOver 0.5% of Terra Luna Classic's (LUNC) Total Supply Burnt So Far

Over 0.5% of Terra Luna Classic’s (LUNC) Total Supply Burnt So Far

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With the current daily burn rate, up to 9% of LUNC’s total supply should have been incinerated in 5 years.

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Amid the commendable sustenance of the Terra Classic (LUNC) burn campaign, the community has incinerated 36,536,033,484 (36.5B) LUNC tokens so far, representing 0.53% of the asset’s total supply of 6.8 trillion tokens, about 0.61% of its circulating supply of 5.9 trillion. This achievement underscores exchanges, validators, and community members’ commitment to the burn initiative.

Out of the 36.5B LUNC burned, 24.98B tokens were sent to the burn address, with 11.55B incinerated through the burn tax implementation. This is according to data from NFT and the on-chain analytics tool TerRarity. The daily burn rate for the asset currently sits at 324.4M LUNC burned per day. At this rate, up to 3.9% of the total supply should be burned in 2 years and 9% in 5 years.

Since the introduction of the burning campaign, all hands have been on deck to ensure that the asset’s supply is considerably reduced. Amid the numerous entities involved, Binance has contributed the most, with 20.1B LUNC burned, accounting for 55% of total burns, as previously reported by The Crypto Basic. The community expects Binance’s next monthly burn for December in a few days.

Furthermore, prominent validators such as Allnodes, LUNCDAO, Happy Catty Crypto, and Luna Station 88 have been dedicated to the cause, occasionally burning millions of tokens. Three of the two most recent significant burns came from validators, as Luna Station 88 and Happy Catty Crypto respectively incinerated 9.8M and 5.4M tokens on Sunday.

Calls for Review of the Burn Tax

Meanwhile, with 11.55B tokens burned so far through the burn tax, some community members have expressed their dissatisfaction, noting that the asset would benefit more if the burn rate is increased once more to 1.2% from the current 0.2% rate. Influencer LuncTech recently called for a review.

Recall that the community passed a proposal to reduce the burn tax rate from 1.2% to 0.2% in October after they noticed a significant decline in on-chain volume. 

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Ammara
Ammarahttps://thecryptobasic.com/
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.

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