Terra Classic Projects To Burn Millions of LUNC, Key Proposals Passed

The Terra Luna Classic community welcomed another project onto the network by approving a key parameter change proposal. The proposal will not only abroad this new project, but enable other projects to build on the Terra Luna Classic blockchain.

Proposal 11477 “Increase MaxContractSize to upload code” submitted by TerraPoker to increase of key on Cosmos Wasm MaxContractSize to 819200 from 614400 is passed. This will allow the protocol to upload its contract on the chain and contribute to the LUNC burn campaign.

TerraPoker in a tweet on April 24 appreciated the community for supporting the project to launch on the Terra Classic chain. The project will provide the poker game with LUNC soon and promises to burn 10% of the rake fees collected.

The adjustment in contract size will not only welcome Terra Poker into the Terra Classic ecosystem, but also allow other protocols to join and help developers build better solutions.

The proposal has received 60% of votes in favor, while 31% voted “No” and 8% voted “Abstain.” The current sentiment in the LUNC community suggests the proposal will increase utility on the chain and boost LUNC burn. Thus, major validators including Allnodes, LUNC DAO, TerraCVita, Interstake, and JESUSisLORD supported the project.

Meanwhile, validator Allnodes has supported the controversial Proposal 11479 by the Terra Rebels developer group, passing the proposal to fund $37,593 worth of LUNC tokens for running Rebel Station Infrastructure for 3 months.

Another Project on Terra Classic Burned 11.79 million LUNC

While TerraPoker aims to burn millions of LUNC tokens, some projects such as Cremation Coin are already contributing large LUNC burns, with total net LUNC burn of over 344 million.

However, another project called GenesisX50 has burned 11,799,000 LUNC in a single transaction. The project has now burned 13 million LUNC in total as part of its native GSX50 token burns.

Moreover, LUNC DAO has burned 1.44 LUNC tokens as part of the weekly burn plan. The validator has burned over 457 million LUNC in total.

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LUNC Price Remains Under Pressure

South Korean District Court rejected the prosecutors’ office claims that Terra LUNA or Terra Classic LUNC are securities. Moreover, the court also dismissed the state’s appeal of confiscating Terraform Labs co-founder Daniel Shin.

However, LUNC price remains under pressure as Terra Luna Classic community facing a minor crisis as core developers Ed Kim and Tobias “Zaradar” Andersen left the Joint L1 Task Force developer team.

LUNC price fell 1% in the last 24 hours, with the price currently trading at $0.00011. The 24-hour low and high are $0.000108 and $0.000111, respectively.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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