The Terra Classic (LUNC) community continues to make progress toward a long-term plan to revive its ecosystem.
More than 20 months after the infamous collapse of the Terra ecosystem, the community behind the blockchain project has not given up on revival plans.
A core approach toward achieving the long-term objective is the burning of the Terra Classic (LUNC) and TerraUSD Classic (USTC) supply, which was bloated en route to the ecosystem’s collapse.
In the past week, the Terra Classic community recorded further progress towards its quest. Precisely, the network burned over 700 million LUNC (valued at $70,840), as well as 230,000 USTC ($6,187), according to data from StakeBin shared by X user Alex Crypto Bull.
Great results this week with 700M $LUNC and 230k $USTC burned. More to come! ??? #Lunc #USTC #TERRA #LuncBurn #LUNCARMY #LUNCcommunity #ustcburn #TerraClassic #terraburn #terraport pic.twitter.com/rRMsaZVqfO
— CryptoBull (@AlexCryptoBull) January 21, 2024
Although the burned amount may be inconsequential given Terra Classic’s huge supply, the community believes that the removal of these coins would have a long-term impact.
In addition, the Terra Classic community’s decision to link the burning mechanism on the network to user activity means that the burned amount will surge during periods of peak user activity.
Meanwhile, the burn campaign is further augmented by the participation of Binance, which has been particularly supportive of the Terra Classic community with periodic burning of LUNC generated from trading fees on its platform.
Binance Tops LUNC Burn Chart With 5.5B Burned in January
Earlier this month, Binance completed its latest LUNC trading fee-burning program, destroying 5.5 billion LUNC coins valued at over $550,000 at today’s prices. The crypto exchange tops the list of LUNC burners, having contributed over 52% of total burned assets.
However, in the short term, the prices of LUNC and USTC have dropped after initially the latest rise. In December, Terra Classic (LUNC) reached a high of trading at $0.00025, while USTC traded as high as $0.069.
Both assets have experienced steep declines linked to profit-taking and a broader crypto market correction. LUNC is trading at $0.000102, while USTC is at $0.025.
Despite the drop, popular AI tools ChatGPT and Bard expect the Terra Classic community-backed coins to make a strong comeback once the crypto market enters a bull market.