Burns from validators represent a significant portion of this week’s total burns.
Terra Classic (LUNC) burns have especially increased this week, as the community has witnessed the incineration of over 22 million LUNC tokens as of today. This week’s burns have seen contributions from all angles, with validators making up 48% of the total burns so far.
Validators HappyCattyCrypto and LUNC DAO
Autonomous LUNC validators have especially demonstrated their dedication to the burning campaign since its conception, with this week witnessing their contribution to the cause. The largest single burn for the week so far has come from the validator HappyCattyCrypto, amounting to 9,006,805 (9 million) tokens.
The transaction occurred on January 24 at 20:25 (UTC), according to data from Terra Finder. The memo on the transaction reads HappyCattyCrypto Node Burn #003, indicating an affiliation with the validator. The development was also highlighted on its official Twitter handle a few minutes after the transaction.
Another 9M #LUNC Sent To Burn 🔥🙏🏼#LUNCburn #LUNCpenguins pic.twitter.com/ySl2HCJWbl
— HappyCattyCrypto (@HappyCatKripto) January 24, 2023
The recent transaction was the validator’s latest monthly burn. Last October they reiterated their promise to burn 50% of the revenue generated from operating the validator every week until the Terra Classic supply reduces to 10 billion tokens. HappyCattyCrypto has burned a total of 43 million LUNC so far.
Meanwhile, LUNC DAO, another independent validator, has also made its mark on the burning campaign this week, incinerating 1,623,888 (1.6 million) tokens on Sunday. LUNC DAO’s transaction was the first significant burn for the week, and it brought the validator’s total cumulative burn to 435,797,756 (435.7 million) tokens. This makes LUNC DAO the biggest burner amongst validators.
Cremation Coin Jumps on the Train
Moreover, two of the biggest burn transactions this week have come from the newly-launched project Cremation Coin. Its earliest transaction involved the incineration of 7.2 million LUNC tokens on January 24. This represents the second-largest single burn this week. The project burned another 1.7 million LUNC yesterday.
Cremation Coin’s total burns currently sit at 12.2M tokens since it jumped on the LUNC burn campaign on January 3. The project has promised to burn LUNC with 10% of all its transaction volume.
The current cumulative burn of 22 million tokens this week represents a 37% increase from the 16 million seen last week, indicating an uptick in the burn rate. With the week still two days away, the community expects more burns before it eventually wraps up.