[ccpw id="39382"]

HomeCrypto NewsMarketTerraport To Burn LUNC in Every Transaction and Increase On-chain Volume

Terraport To Burn LUNC in Every Transaction and Increase On-chain Volume

Date:

Written By:

The DeFi protocol has been teased as a game-changing opportunity for the Terra Classic community.

Terraport, the recently-introduced DeFi platform on the Terra Classic network, has once again confirmed the numerous benefits it will bring to the LUNC token, including the incineration of LUNC with every transaction and an increase in on-chain volume.

The team behind the DeFi protocol recently made these disclosures in a dedicated tweet, outlining three points through which the platform can be beneficial to the LUNC community. This comes two weeks after its whitepaper was released, with TerracVita, the development group behind the protocol, calling it the “rebirth of utility on Terra Classic.”

- Advertisement -

According to the recent tweet, the platform is expected to burn LUNC and TERRA – its governance token – with every transaction carried out. Due to its robust offerings, which include a DEX and a launchpad, this could be a potential pivotal point for the Terra Classic community which has persistently voiced out a desire to introduce utility to the ecosystem and concurrently expedite burns.

Secondly, the team noted that Terraport could very well contribute to the increase in LUNC’s value due to its persistent burns. Within the project’s Whitepaper is a plan to buy back and burn LUNC tokens with 27% of fees received each week. Due to its promising nature, there is a consensus among proponents that the protocol could burn billions of LUNC every week. This would provide ample support for the asset’s price action.

The third benefit that Terraport promises for LUNC is hinged on its embedded decentralized exchange (DEX) which is expected to run on the Terra Classic network. Once the DEX is up and operational, all transactions processed would contribute to the on-chain volume of LUNC, leading to an increase. However, this will be based on the rate at which the community utilizes the DEX.

- Advertisement -

Introduced by the TerraCVita development group, Terraport claims that its goal is to restore utility to the Terra Classic ecosystem and bring DeFi to the general public. TerraCVita raised $2M for the project two weeks back, a few days after securing a $1M funding. The presale of the governance token TERRA is expected to end in 9 days as of press time. 

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

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.

More from Author

Latest Stories

Guides