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HomeCrypto NewsLUNC Burn Rate Spikes Over 6,900%, Over 142M LUNC Burnt In 24 Hours

LUNC Burn Rate Spikes Over 6,900%, Over 142M LUNC Burnt In 24 Hours

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Allnodes and Terra Casino burn millions of LUNC on New Year’s day.

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Terra Luna Classic (LUNC) burn rate spiked by over 6,900% after Terra Classic supporters burnt over 142 million LUNC on new year’s day, per a tweet from dedicated LUNC burn tracker LunaBurnTracker (@LunaBurnTracker) today.

Notably, two large transactions accounted for a majority of the burns.

Firstly, Allnodes burned over 123.7 million LUNC in a single transaction, accounting for over 87% of all LUNC burns on the day. It took the total LUNC burn from the popular validator to about 344.3 million LUNC, the third largest contribution to LUNC burns by any validator per data from #LUNCPenguins. It is the sixth-largest burner of LUNC overall.

The second transaction was from Terra Casino. In a tweet yesterday, the Terra Classic decentralized app confirmed that it had sent 18 million LUNC to the burn wallet, extending its total LUNC burn to about 42.7 million LUNC. 

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Notably, the DApp hinted at the burn in a tweet two days ago.

“Getting ready for a mega burn,” Terra Casino tweeted.

Recall that the casino promised to burn 0.2% of all betting volume after launching on the network at the end of November last year. At the time, TerraCVita, an independent Terra Classic development group, advertised it as having the potential to burn 24 billion LUNC in 6 months.

It bears mentioning that the Terra Classic community has launched several burn initiatives since the ecosystem collapse in May last year to reduce the resulting 6.9 trillion LUNC supply. So far, together with support from validators and exchanges, it has burnt over 36.9 billion LUNC, representing over 0.5% of the supply, as recently reported by The Crypto Basic.

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Author

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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