Sunday, January 22, 2023
HomeCryptocurrency40 Million Terra Classic Burned in 24 Hours as a Single Wallet...

40 Million Terra Classic Burned in 24 Hours as a Single Wallet Accounts for 25.8 Million LUNC Burn

The Terra Classic community-driven burn initiative continues to see notable contributions from individuals and groups. Over the last 24 hours, 40.4 million LUNC tokens have been sent to the inferno wallet, while 25.8 million of the incarcerated tokens came from a single wallet in one transaction.

According to the data from LUNC Pengiuns, an unofficial Terra-focused data-tracking system developed by Happy Catty Crypto, 40.4 million LUNC tokens were destroyed in 14 transactions.

Read Also: Here’s Why Terra Classic (LUNC) Price Could See Massive Rally In December

The most significant transaction of all was carried out by Allnodes, according to the memo on the transaction at Terra Station. This implies that the 25.8 million LUNC was from Allnodes’ commitment to burn LUNC tokens on a weekly basis.

The transaction was also officially confirmed on Twitter by the independent Terra Classic validator on Monday. Allnodes had promised to help in burning LUNC tokens on a weekly basis until the end of this year.

Allnodes tweeted, “25,827,385 LUNC were burnt earlier today by Allnodes. Delegate to Allnodes and participate in our weekly ritual until the end of 2022! Auto-compound your rewards with @keplrwallet or @Ledger through the Allnodes portfolio page while we are burning.”

The memo of the second transaction shows that LUNC DAO, an independent Terra Classic validator, initiated the burn of 4.9 million LUNC on the same day. The latest transaction represents LUNC DAO’s 37th burn contribution to the progress of the burn initiative.

Read Also: Terra Classic Developers in Fresh Dispute Over Off-Chain Assets Worth Millions of Dollars: Details

Terra Casino, the newly launched Casino platform, accounted for the third significant burn. The platform managed to destroy 8.9 million LUNC tokens. The memo on the transaction says it was initiated by BettingBurn1.

<

In an announcement on November 28, Terra Casino confirmed that it carried out the 8.9 million LUNC burn.

It can be recalled that Terra Casino was launched a few days ago and initiated its first 1 million LUNC burn within two days of its launch, indicating that its target of burning 24 billion tokens in six months is feasible. In total, the Terra Classic-focused Casino platform has burned 10.8 million LUNC.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles

Recent Comments