HomeCrypto NewsMarketOver 5M LUNC Burned as Burn Rate Surges by 2107%

Over 5M LUNC Burned as Burn Rate Surges by 2107%

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The biggest single burn in the past 24 hours was initiated by autonomous validator LUNC DAO.

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The Terra Classic (LUNC) burn initiative remains on track, as 5,096,362 (5M+) tokens were incinerated on Tuesday, marking a 2,107% increase in total burns from the amount witnessed the previous day. The biggest single burn observed came from the independent Terra Classic validator LUNC DAO.

LUNC DAO Burns 2.6M Tokens

Out of the 5.09M LUNC burned yesterday, LUNC DAO incinerated 2,631,901 (2.6M) tokens, representing 51% of the total amount burned. The other burns involved smaller transactions from anonymous parties. The LUNC DAO burn was the second transaction detected by LUNC Penguins, an automated burn tracker built by Happy Catty Crypto.

Data from Terra Finder reveals that the transaction occurred on January 17, 7:03 (UTC). Despite the absence of a formal statement from LUNC DAO affirming its involvement, the memo which reads LUNC-DAO-BURN confirms that it came from the validator.

The latest transaction brings LUNC DAO’s cumulative burn to 434,178,868 (434.1M) LUNC at the time of reporting, as it retains its position as the fifth biggest burner, towering over other validators such as Allnodes (344.3M), Happy Catty Crypto (34M) and Luna Station 88 (30.2M).

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As the community sustains the burn initiative, autonomous validators within the space have persistently contributed to the movement, incinerating millions of tokens on occasion. Notably, prominent influencer Classy burned 100% of the commissions from his validator last month. 

Wen $1?

Despite these collective efforts, the community fears the burning campaign might not be enough to rejuvenate the asset on time. So far, only 0.54% of the asset’s total supply has been burned, amounting to 37.6B tokens. This rate was 0.53% last month, as previously reported. Considering the current burn rate of 269M per day, only 7.5% of the supply will be incinerated in 5 years.

Due to the slow pace, members have so far proposed several initiatives that could complement their efforts. The idea of a Merge between LUNC and LUNA gained prominence in this regard, but it was dismissed by a high-profile Terraform Labs staffer who noted that both assets cannot merge on a protocol code, as they are two different blockchains.

However, Zaradar, a prominent developer and member of the LUNC L1 team, asserted that there is a way both assets can co-exist, presenting several means through which they can complement each other. According to him, if his methods are adopted, LUNC could soar above $1 in twenty years’ time.

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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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