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HomeCrypto NewsMarketBurn Rate Spikes 637% As Over 5M Terra Classic Burned

Burn Rate Spikes 637% As Over 5M Terra Classic Burned

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Self-sustaining validator Luna Station 88 accounted for 95% of the total incinerated tokens on Sunday.

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The Terra Classic (LUNC) burn campaign recently picked up following a relatively silent Saturday, as 5,018,015 (5M+) tokens were incinerated on Sunday, representing a 637% increase in burned tokens from the previous day. Independent Terra validator Luna Station 88 accounted for 95% of the burned tokens.

Luna Station 88 Burns 4.7M Tokens

While other transactions contributed to the cumulative burns of Sunday, the Luna Station 88 burn was the only single significant transaction over the weekend. The transaction, which involved the incineration of 4,708,208 LUNC tokens, occurred on January 15, 15:09 (UTC). Despite the absence of a memo, data from LUNC Penguins suggests that it originated from Luna Station 88.

Moreover, the validator confirmed the development through its official Twitter handle shortly after the burn. Luna Station disclosed that it had burned one-third of the commissions collected in the past two weeks. One-third of the realized commissions also went to the community pool, with the last portion used to support the validator.

 

The latest development underscores Luna Station 88’s commitment to the promise it made to the Terra Classic community last October. The validator announced that it would raise its commission to 5% from November 10, 2022, noting that the commissions will be divided into three equal portions every two weeks, with two portions each going to the validator and the community pool. The third portion is to be incinerated.

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Luna Station 88 has persistently kept to its word regarding the appropriation of the realized commissions. The Crypto Basic noted last November that it was part of two validators that cumulatively incinerated 9M+ tokens, the other being LUNC DAO. Luna Station 88’s total burns so far amount to 30.2M tokens, making it the 17th largest burner.

Meanwhile, the broader campaign has resulted in a total of 37.5B tokens burned so far, with Binance accounting for 20.1B tokens, being the biggest burner. The community is still expecting Binance’s next batch of burns which the exchange pushed to March 1. The delay was part of the platform’s response to a proposal that previously passed to re-mint 50% of all burned tokens.

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Author

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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