The latest transaction brings the project’s total cumulative burn to nearly 200 million tokens in four months.
Cremation Coin, a recently-launched project aiming to reduce the extensive supplies of crypto tokens, just burned over 106 million Terra Classic (LUNC) tokens in a single transaction. This marks the project’s highest single LUNC burn since its launch last December.
The team behind the project called public attention to the transaction in a tweet today, expressing their gratitude for the substantial support from the community.
We just burned over 106 million #LUNC and 1.8B #CREMAT.
Thank you to everyone who supports us. $lunc #lunc #bnb #bsc #binance #luncburn #lunccommunity $shib #shib #btc $btc #1000x #crypto #cryptocurrency #luncarmy #CREMAT #CREMATburn pic.twitter.com/vOhN34E9P9
— Cremation Coin 🔥Weekly LUNC Burns🔥 (@Cremation_Coin) March 14, 2023
The team further shared a graphic which reveals that the transaction in question involved up to 106,101,562 (106.1 million) LUNC tokens. Accordingly, the latest transaction brings the project’s total cumulative Terra Classic burn to a massive 199.7 million tokens since it jumped on the campaign last year.
The recent burn transaction represents Cremation Coin’s contribution to the initiative for this week. Since pledging its support for the burn campaign, Cremation Coin has consistently incinerated millions of LUNC tokens every week by converting 10% of its volume for the week to Terra Classic.
Last week, the project incinerated 51 million tokens at once, making it the third largest single LUNC burn for this year at the time. Its recent 106 million burn has now secured the position of third largest single burn, still behind Allnodes’ 123.7 million burn and Binance’s recent 8.8 billion burn.
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Following the latest burn, Cremation Coin has now moved one place up on LUNC Dash’s list of top Terra Classic burners, having indexed burns to the tune of 187.5 million LUNC. At this figure, Cremation Coin is only 156.8 million tokens away from overtaking Allnodes as the sixth biggest burner.
Meanwhile, total Terra Classic burns for the week so far currently sit at an approximate value of 108 million tokens, with LUNC DAO accounting for 1.6 million tokens. The autonomous validator has been silently incinerating LUNC tokens every week, being one of the earliest adopters of the campaign.
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Source: https://thecryptobasic.com/2023/03/14/cremation-coin-burns-106m-terra-classic-lunc-in-one-transaction/?utm_source=rss&utm_medium=rss&utm_campaign=cremation-coin-burns-106m-terra-classic-lunc-in-one-transaction