The LUNC burn is a unique approach to reducing the circulating supply of tokens and increasing their value over time. Keep track of your holdings and explore over 10,000 cryptocurrencies. Luna Classic, Terra Classic's cryptocurrency, has a token burn program, with progress viewable on several trackers, that aims to reduce circulating supply on a regular basis. ", Statista, Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022 Statista, https://www.statista.com/statistics/1317271/luna-burn-rate/ (last visited March 02, 2023), Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022 [Graph], Statista, October 5, 2022. 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. The founder of Terra, Do Kwon, has said that he has a recovery plan in place. The Shibarium Public Beta Is Just Around The Corner. Developer Alignment Program (1.5% of total supply): Protocol teams that were live in Terra Classic divide this allocation weighted by the last 30 day TVL from Pre-attack snapshot - 1 year cliff, 3 year vesting thereafter. Essential app developers committing to launch on Terra will receive: Emergency allocation (0.5% of total supply): immediately after network launch to provide for runway while they build out product. Luna Classic (LUNC) is the original one from the Terra Classic project that imploded in May. It was built as a passion project to help quantify and track the burn. In addition, the burn mechanism creates deflationary pressure on the token, as the total supply of tokens decreases over time. It will enable Binance LUNC burn mechanism to return to the community. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. 109. Separately, many holders had proposed to fast-track the LUNA burn process to inflate the value of existing tokens. New comments cannot be posted and votes cannot be cast. May 22, 2022 - Posted in Even though the Luna 2.0 crypto exchange list grows, some exchanges previously vowed to burn Luna through their transaction fees. With the supply increasing 1700% in a few days, a major burn would be needed to restore this price. terraluna by Can It Work? To the upside, the first target to look for would be the high from October 2 of $0.00037, after which further upside towards $0.0006 could be in the cards. LUNC sent to the burn address comes in a variety of forms, but most notably is Binance. The recent launch of the Luna Classic and its community-driven development initiative have brought forth proposals 3568 and 4059 which have been passed with an overwhelming 99% approval from validators. terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu. 36% increase. 069336 LUNC 9,800,590,920. In recent updates, the software has undergone several updates and rollbacks, with the most recent version being v0.5.21. Terra investors continue to burn LUNC tokens. Recover a Bitcoin wallet.dat password in 2 minutes! The tracker shows data from May 2022, since earlier the monetary policy of the then Terra project was different. The Crypto exchange Binance said it supports the Terra Classic network upgrade v1.1 . Use search engine; Visit some websites; Buying stuff; Or you can send your tokens to the dead wallet if you are in good mood ;) So far, in five months, only 22.7 million tokens have been burned, or only 0.33% of the total. through links on our site, we may earn an affiliate commission. warranties on accuracy. Click here to read more about the LFG reserve. Chart. The live Terra Classic price today is $0.000161 USD with a 24-hour trading volume of $47,959,981 USD. The news pushed the token up from lows of around $0.00018 that day to around $0.00037 on October 2, more than a doubling of its price in just six days. So, how's the Terra Luna Classic (LUNC) burn going? This address was exchanges will join the burn. The worth of Bitcoin: the value falls 4% today, Bitcoin's market cap exceeds that of Visa and Mastercard, Bitcoin price prediction: $30,000 in March, Ethereum developers want to suppress GETH as the price in USD soars, Crypto: Justin Sun (Tron) is staking 150,000 ETH, Ethereum: price above $1,600, but market cap under $200 billion, Mining: new record for Bitcoin's difficulty, Crypto mining: new historic record for Bitcoin, US lawmakers step up efforts to regulate the Bitcoin mining industry, Stablecoin Tether (USDT) gains market cap at the expense of BUSD. For every UST sold, more LUNA tokens had to be minted. The protocol consists of two main tokens, Terra and Luna. Launchpad - StarTerra Then this fee is used to acquire and subsequently "burn" or erase Luna Classic tokens. Stablecoins are named for their fiat counterparts. Developer Mining Program. Accommodations will be made for apps where TVL is not applicable. For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter Allnodes publicly announced their support for the new proposal to reduce the tax to 0.2% via Twitter, stating that it was necessary for the Terra Classic community to bring the rate back to 1.2%. According to the explorer, through 6242 transactions, holders have burned 3.85 billion Luna as of September 13. The latest news about cryptos, in our Telegram channel. If you continue to use this site we will assume that you are happy with it. However, the burn program has accelerated only since late September, and since then the price has fallen 23%. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ". Currently, there are two mechanisms to burn LUNC: on-chain taxation, and donations sent to the This new plan essentially makes Terra a community-owned crypto Blockchain, more like a decentralised autonomous organisation (DAO). Pre-attack LUNA holders: 35% Your email address will not be published. Some top cryptocurrency exchanges have already announced thatthey will support the proposal once it goes live on September 20, 2022. Yesterday, February 9, the LUNC burning tax made it possible to destroy 68,683,935 LUNC crypto. Distribution Mechanism: The new token LUNA will be airdropped (i.e., given for free) to all those who stake i.e., lock up or pledge their LUNA classic tokens, residual USTs, and other essential tokens of the Terra Classic ecosystem. #Binance will implement a burn mechanism to burn all trading fees on $LUNC spot and margin trading pairs. In this update, we'll be taking a closer look at what these proposals entail and the impact they will have on the Luna Classic ecosystem. If youve already voted and disagree with the changes, please vote No - you have 5 more days to do so. These numbers give an idea of the potential impact if these proposals were implemented by other major exchanges as well. Dex - Astroport, Loop, Terraswap, Pheonix The Terra Classic community has recently cast their votes in favor of Proposition 11111, which aims to repeal Proposition 10983 and change the way LUNC tokens are distributed and burned. coins sent to it. , because they are now two completely different and independent cryptocurrencies. Before the Binance burn, which will a start on March 1, 2023, the Terra Classic LUNC community laid the basis for the potential increase in the coin's price. Use Ask Statista Research Service. The ultimate goal of Terra is to be a community-owned Blockchain. Data from CoinMarketCap indicates that the circulating supply of Luna Classic (LUNC) is currently standing at 6.15 trillion tokens. Post-attack LUNA holders: 10% 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. news.google.com Luna Classic, Terra Classic's cryptocurrency, has a token burn program, with progress viewable on several trackers, that aims to reduce circulating supply on a regular basis. made public by Do Kwon on May 21, 2022, but on-chain transactions show it has been used These include algorithmic buybacks that are triggered when certain conditions are met, such as when the price goes above a predetermined level. It is worth mentioning, however, that different aggregators report different data regarding the actual circulating supply, so this figure is not to be taken with certainty. Aptos airdrop: How to get it? The results showed that it was possible, to burn a mass of 1.6 billion tokens with on-chain transactions in only one day. Terra Classic Price | LUNC Price Index, Live Chart and USD Converter - Binance 2023-02-28 - The live price of LUNC is $0.0001621 per (LUNC / USD) today with a current market cap of $958.86M USD. Both of these prices are far below where they were at the beginning of May - when the former Luna . You can only download this statistic as a Premium user. Due to an exclusive announcement from the lead developer, who revealed that the network will be integrating with Interchain Station, a wallet that supports multiple chains. One of the causes for this is the new staking service from LUNC DAO. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Tests have also been conducted to determine the potential impact of the lunc burner tax. 1,221,968 #LUNC ($216) burned to Luna Burn Wallet! The new Luna, on the other hand, is the one born after the implosion with the new Terra project, which is why it is also called Luna 2.0. from a hard fork. Here, it is to be noted that the burning strategy, isn't new. Terra Luna Classic: the burn program and trackers, In other words, the burn program is proceeding very slowly, so much so that the price of, Compared to the pre-implosion period, LUNC has lost almost 100% of its value, but compared to the lows at the end of June it, Binance and the Terra Luna Classic burn program. Statista. 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. Showed that it was possible, to burn all trading fees on $ LUNC spot and trading... Possible to destroy 68,683,935 LUNC Crypto yesterday, February 9, the burn program accelerated. Of forms, but most notably is Binance had proposed to fast-track the Luna Wallet. 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