Luna Classic(LUNC)tokenof theoriginal Terra chainis back in the spotlight thanks to news that the leading crypto exchange Binance has implemented a new burn mechanism for it. LUNC, the former LUNA, doubled its price in a week in anticipation of a new supply burn regime. The total amount of LUNC tokens burned so far is approximately 39.4 billion, or roughly 0.57% of the total supply. All of the details, Fight Out crypto project earns about $3 million in pre-sales, The Sandbox: number of events and games in the metaverse grow, Paris Hilton will launch her own dating app in The Sandbox metaverse, Al Generative Art, the new art form generated by artificial intelligence algorithms, BookDrop NFT Joshua Davis CryptoArt Monograph by The NFT Magazine | Curated by Ronnie K. Pirovino, Opportunities for Artists from The NFT Magazine on Nifty Gateway, Hivearium NFT: artist Roberto Giavarini exhibits at Ceribelli Gallery, Crypto news: here comes Bluesky, the decentralized alternative to Twitter, The Annual Report of the Revolut app: surpassed 100 million in EBITDA and more, Microsoft stock pushed by tests on Robots, Revolut announces Ultra: the new exclusive subscription plan for customers. Terras Life Foundation Guard (LFG) had to deploy resources to the tune of $1.5 billion earlier this week to stabilise the price of its tokens. The crypto industry was left flattered when the fall of Terra almost wiped out $60 billion from the market valuation. As of now, 8 validators have voted, with 7 voting in favor and 1 against the proposal. luna. Win a CryptoPunk. Register now to begin your crypto journey, Download the BTCC app via App Store or Google Play. not much, but it is a start and the burns keep coming. Past Year of Developer Activity All repos Sources Forks Core only Luna (LUNA) is currently ranked as the #108 cryptocurrency by market cap. On May 28, 2022, the creators behind LUNA released a 2.0 version of the cryptocurrency, whilst the "original" LUNA coin got rebranded into LUNC or Terra Classic. You need a Statista Account for unlimited access. Pre-attack aUST holders: 10% Which exchanges have agreed to burn 1.2% on Terra Luna Classic (LUNC)? Malviya said that investors who bought LUNA below $0.1 can make some profits. Well, that isnt the case. For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter This new chain will launch with 1 billion Luna, a huge decrease from 6.5 trillion. According to the exchange, the practice will continue to take place every Tuesday until further notice.. Dapps in the Terra ecosystem are designed to increase UST demand, while the issuance of UST implies a reduction in the Luna supply. LUNC sent to the burn address comes in a variety of forms, but most notably is Binance. Interestingly, 96 million LUNC tokens worth $26,244 were sent to the LUNC burn address earlier today. Exchange integration, dapp migration, and validator guides have been added to Technical Details. This means that even if a trade doesnt occur directly on the blockchain, tokens are still burned in order to secure the network. This represents a -0.50% price decline in the last 24 hours and a -4.00% price decline in the past 7 days. An additional proposal, Proposal 4195, has also been passed with an approval rate of over 65%. Luna Classic is a decentralized, consensus-based blockchain protocol that operates on a secure proof-of-stake consensus mechanism. Over $60 billion USD Good luck, internet stranger! Who Owns The Most Shiba Inu (SHIB) Coins? M.Cap: 1,129,434,904,115.00 Access to this and all other statistics on 80,000 topics from, Show sources information Although no official announcement has been made concerning an increase in burns, a Twitter user brought some interesting data to light. Network security to be incentivized with token inflation. As of February 2023, more than two-thirds of LUNC burned has been sent to a dead wallet directly, while about a third has been burned via the transaction tax. burn. The 24-hour volume of. Wallet - Station, Leap, Falcon Games - UNOPND etc that is what I counted as of now, I added all the transaction into excel and that is what it counted up to. However, the burn program has accelerated only since late September, and since then the price has fallen 23%. Nothing sparks demand quite like decreasing supply. lost a huge portion of my savings. 1 LUNC = $0.00028949 #LunaBurn, LunaBurnTracker (@LunaBurnTracker) September 19, 2022. As the table below shows, the burn efforts have seen Binance remove a total of 8,588,471,344.33 LUNC, which has a dollar equivalent of $2,993,480,008.16. Proposal 44 will burn 90 million LUNA tokens held in Terra's community pool, minting almost $4 billion worth of the network's native UST stablecoin. In the specific case of Luna Classic, the May implosion was also due to an incredible explosion in the amount of LUNC tokens, even though they were still called simply LUNA at the time. . So at this time it is not surprising that both LUNC and LUNA perform poorly in the markets, partly because enthusiasm for them has now died down. Indeed, in late September the famous exchange announced the introduction of a burn mechanism on all fees on LUNC trading pairs, but as seen above this has only led to a slight acceleration of the process. You need at least a Starter Account to use this feature. To make this a reality, investors have increased the rate at which they are burning LUNC tokens, with tens All data is pulled from official api address Bitcoin Hit a Three Week High, and Cardano Exploded 17% and Regained $1, Exposed: How Ukraine is Spending Cryptocurrencies Donations, Russian State Duma Opposes Total Ban on Crypto. Initially, the LUNC burn rate was set to1.2% of each transaction. made public by Do Kwon on May 21, 2022, but on-chain transactions show it has been used The Terra Rebels are now working diligently to implement these updates to the Luna Classic platform. In fact, in just a few days, it went from 0.76 billion to 6.9 trillion tokens in circulation, and this literally imploded their price. Therefore, if the current pace were maintained, the burn rate would be 18 times that of the first four months. Despite the progress made so far, the community believes the number of burns will skyrocket once the 1.2% tax burn is implemented for all LUNC on-chain transactions. Price comparison and price change of the top 100 crypto as of February 21, 2022, The 100 most traded cryptocurrencies in the last 24 hours as of November 14, 2022, Terra Classic (LUNC, or LUNA 1.0) circulating supply history up to September 29, 2022, Terra Classic LUNC/USD price history up until October 20, 2022. 24-hour trading volume is $48.39M USD. //