Cremation Coin recently completed a weekly burn campaign in which it burnt almost 24 million LUNC tokens. This is good news for the crypto community, especially considering the declining LUNC burn rate in the past. The burn was successfully executed with 24.04 million LUNC being transferred to the burn address and an additional 48k LUNC being charged for transfer requirements. Overall, Cremation Coin already destroyed 369 million LUNC tokens, out of a total of 53.45 billion LUNC burnt by the Terra Classic community.
In order to improve the LUNC burn rate, several initiatives have been announced by the network. Proposal 11477 has been approved, thus requiring TerraPoker to burn 10% of the rake fees earned from its poker game. Other further LUNC burning projects like Validator LUNC DAO and Project GenesisX50 have been announced while the community is still divided on the effectiveness of the new Joint L1 Task Force.
The news of Cremation Coin's newest LUNC burn has brought some relief to the crypto space. This being said, the LUNC burn rate and pricing are still under pressure due to Ed Kim and Tobias “Zaradar” Andersen's departure from the project. Despite these setbacks, the community has shown its support of new initiatives that could improve the situation.
Gabrielle Cook
- 2023-04-25
Cremation Coin Executes 24 Million LUNC Token Burn
Cremation Coin recently completed a weekly burn campaign in which it burnt almost 24 million LUNC tokens. Proposal 11477 was approved, thus requiring TerraPoker to burn 10% of the rake fees. These initiatives have brought some relief to the crypto space.
