Tech

Terra Classic( LUNC) Burns for the Week Exceed 6 Million

02/28/2023
Bitcoin Ethereum News

The latest Cremation Coin burn is the largest single LUNC burn transaction in three weeks.

Cremation Coin, a recently-launched project, just burnt a total of 4.4 million Terra Classic (LUNC) in its latest batch of weekly burns. This transaction led to a substantial increase in the total number of LUNC burned for the week, reaching an impressive 6.6 million tokens.

According to data from Terra Finder, the burn occurred today at 04:12 (UTC), being the most recent noteworthy burn transaction this week. Cremation Coin further called public attention to the development, soliciting awareness, as a greater transaction volume would result in bigger burns.

 

Following the latest burn, Cremation Coin now boasts of a total cumulative burn of 41 million Terra Classic tokens since its launch last December. However, LUNC Dash data puts its total burns at 29.6 million tokens, having indexed its wallet at a later date. As a result, the project is now positioned as the 17th largest LUNC burner.

According to the Cremation Coin team, their objective is to assist tokens that have extensive supplies by aiding in the burning process. They are presently concentrated on Terra Classic and have pledged to burn LUNC with 10% of their transaction volume every week. In the previous week, the project burned 3.3 million tokens to stay true to its promise.

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Cremation Coin’s latest 4.4 million burns are the highest single LUNC burn transaction since the Terra Casino burn of 10 million tokens on Feb. 6. The community has highlighted a decrease in burn rate in recent times, but the campaign remains on track, with proposals aimed at re-igniting the initiative being introduced.

Binance Likely to Resume Burns

Binance, currently the largest contributor to the token burns with a significant cumulative burn of 20.1 billion, is expected to recommence its contributions to the campaign. This follows the recent passing of signal proposals by the community that address the exchange’s concerns regarding token re-mints.

Following the passing of the signal proposals, a new proposal was introduced a week ago to upgrade the network to version 1.1.0. This upgrade includes all the features that were proposed to address Binance’s concerns. This upgrade proposal just passed, triggering elation within the community.

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Source: https://thecryptobasic.com/2023/02/28/terra-classic-lunc-burns-for-the-week-exceed-6-million/?utm_source=rss&utm_medium=rss&utm_campaign=terra-classic-lunc-burns-for-the-week-exceed-6-million