The Terra Classic project, already garnering attention due to its burn mechanism, took the community's attention even further when it burned almost 2 billion LUNC tokens in two weeks. With this step, the protocol overtakes Binance’s 1.27 LUNC burn amount. This massive burn was managed by DFLunc Protocol which further consists of smart contracts based on CosmWasm.
The burn was carried out as a part of the Terra Classic community's plan to deflate the LUNC circulation supply as fast as possible. As per the transactions seen by CoinGape Media, the protocol is still burning LUNC and the amount has already crossed 57.8 billion tokens.
Moreover, the Terra Classic blockchain is expecting a major upgrade on May 17 called v2.0.1. The upgrade will include features like preventing spam, upgraded Cosmos SDK and Tendermint, and enhanced code maintainability.
The huge LUNC burn accompanied by the upcoming upgrade has shot the LUNC price up by 1%. Furthermore, the 24-hour trading volume is increasing as a result of heightened interest in the project by traders. All in all, we can conclude that the future looks promising for Terra Classic and its LUNC token.
Lucy Clark
- 2023-05-15
The Huge LUNC Burn and Upcoming Upgrade by Terra Classic
Terra Classic has achieved a major milestone in token burn by burning 2 billion LUNC tokens, overtaking Binance's burn amount of 1.27 LUNC. The protocol is expecting another major upgrade on May 17.
