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HomeCrypto NewsMarketNearly 33M Terra Classic (LUNC) Burned So Far This Week

Nearly 33M Terra Classic (LUNC) Burned So Far This Week


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Cremation Coin, Terra Casino, LUNC DAO, and Luna Station each contributed to this week’s Terra classic burns.

The Terra Classic (LUNC) community has not neglected the ongoing burn initiative despite a reduction in its social engagements, as several projects and validators have collectively incinerated nearly 33 million LUNC so far this week.

As of press time, the total burns for the week currently stand at 32,929,066, with four entities accounting for 99.6% of these burns. These include projects such as Cremation Coin and Terra Casino and validators LUNC DAO and Luna Station. 

Cremation Coin

The Cremation Coin burn was the largest and the most recent of this week’s transactions. The project incinerated 18.3 million Terra Classic tokens today at 02:12 (UTC). Its burn accounts for 55.6% of the total burns for this week at the time of reporting.

Despite the magnitude of Cremation Coin’s latest burn, it is still the project’s lowest single burn for March, as its past three burns involved 77 million tokens on March 21, 106 million LUNC on March 14, and 51 million tokens on March 7. This brings its total burns for this month to 252.3 million LUNC.

Terra Casino

Terra Casino, the LUNC-based online bookie launched last November, has silently incinerated hundreds of thousands of LUNC tokens daily for the past 7 days, on-chain data reveals. This week alone, the project has incinerated 1.99 million LUNC tokens in two transactions.

Upon its launch, the betting platform promised to incinerate LUNC with a portion of its betting volume, and it has kept to that pledge since then. In the past 7 days, Terra Casino has carried out 7 burn transactions, each amounting to at least 990K LUNC tokens. As a result, its cumulative burn in the past 7 days currently stands at 6.9 million Terra Classic.

Luna Station & LUNC DAO

Validators Luna Station and LUNC DAO also made their respective marks in this week’s burns. LUNC DAO incinerated 1.6 million LUNC tokens as part of its weekly commitment to the Terra Classic burn campaign. The validator continues championing the initiative, one of the first entities to jump on it.

Luna Station conducted its burn transaction on Monday at 12:29 (UTC). The transaction involved 10.8 million tokens, making the validator the second-largest burner for this week so far.

Following the latest burns, total cumulative burns now amount to 50.8 billion LUNC. The community recently crossed the 50 billion burn threshold, as previously reported. At this point, they are looking to soar above the 51 billion mark.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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