The Terra Classic community has burned over 20 million LUNC tokens in a week amid the push to increase the burn rate. Validators and projects running on the Terra Classic network commit to burn millions of LUNC tokens after crypto exchange Binance temporarily suspended its LUNC burn mechanism until March.
Terra Classic Validators Lead the Burns for Community
CoinGape has been tracking the weekly burns by the Terra Classic community, believing in the revival of the Terra Classic as per the roadmap suggested by core developer Edward Kim. Also, the community plans to burn billions of LUNC tokens in 2023.
While the week still has a few days left, the community has already burned over 20 million LUNC tokens in the last 4 days. The LUNC burns have increased by almost 4 million week-over-week in January, indicating a move in the right direction.
The highest burn of the week came from validator HappyCattyCrypto, which burned over 9 million LUNC tokens. It is followed by 7.2 million LUNC tokens burn by Cremation Coin, which aims to burn millions of tokens every week.
Validators LUNC DAO committed sent over 1.62 million LUNC tokens to the burn address. LUNC DAO is the fifth-largest contributor to the LUNC burn, with almost 435.79 million LUNC burned in total. The remaining burns came from members of the Terra Classic community including Yanis, a top contributor who sent 1 million tokens to the burn address.
Last week, the community burned over 16 million LUNC tokens, which was also a 4 million increase as compared to the earlier week’s 12 million LUNC tokens.
LUNC Community Approves Crucial Proposal
Proposal 11310 by Terra Classic core developer Edward Kim was unanimously passed by the Terra Classic community. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduces codes to make future upgrades possible.
It will also enable the Joint L1 Task Force to make necessary changes to bring back burn Binance LUNC burn mechanism. Binance may stop its LUNC burn mechanism if the Terra Classic community fails to make these changes.
At the time of writing, the LUNC price trades at $0.0001697, down over 5% in the last 24 hours.
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