Terra Luna Classic (LUNC) Burn Progresses At a Slow Pace.
Terra community members engage in burning LUNC in a bid to reduce the token’s circulating supply.
TerraForm Labs is still committed to making investors whole after they suffered a devastating blow, following the collapse of the firm’s ecosystem tokens $UST and $LUNA.
Despite the launch of a new chain and new $LUNA tokens, Terra investors still do not feel the method is sufficient to compensate them for their losses, as they continue to yearn for a burn.
Meanwhile, the creation of new $LUNA tokens implies that Terra now has two $LUNA tokens. While one is referred to as $LUNA, the old one was renamed Luna Classic (LUNC). Both tokens exist side-by-side at the time of writing.
At the moment, the Terra team is focused on boosting the value of the new LUNA tokens in a bid to make investors whole, while not paying much attention to LUNC.
Kwon Creates an Inflammable LUNC Address
As the Terra community is still insisting that LUNC should be burnt to reduce its circulating supply from the more than 6.5 trillion in existence, Do Kwon, the founder, and CEO of TerraForm Labs posted a burn address on his Twitter page.
The address is an inflammable one where the community can send their $LUNC tokens in order to reduce the circulating supply of the cryptocurrency and ultimately boost the value of the cryptocurrency.
Bitquery Stats of LUNC Burns
Since the community burn initiative for LUNC commenced, the inflammable address has been receiving between 20 million and 60 million old LUNA tokens on a daily basis, suggesting that it would take quite a lot of work and commitment to burn more tokens.
According to data on popular block explorer Bitquery, the Terra community has burned over 650 million LUNC since the initiative started, which is nothing compared to the token’s total supply of over 6.5 trillion.
Terra Community Reaction to Burns
Reacting to the slow pace of burning of LUNC, the Terra community on Reddit has made different analyses on how long it would take for investors to burn the entire 6.5 trillion circulating supply.
D33N5 on Reddit said:
Another user estimated that at the rate of 60 million LUNC burns per day, it is estimated that it will take approximately 300 years for the community to successfully burn the crypto’s circulating supply.
Meanwhile, it is still unknown whether the Terra team may decide to participate in the ongoing burn program and increase the amount of LUNC burns recorded daily. For now, the community is heading the burn program.
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Source: https://thecryptobasic.com/2022/06/03/more-than-5-years-needed-to-remove-the-first-trillion-from-supply-at-current-terra-luna-classic-lunc-burn-rate/?utm_source=rss&utm_medium=rss&utm_campaign=more-than-5-years-needed-to-remove-the-first-trillion-from-supply-at-current-terra-luna-classic-lunc-burn-rate