The Terra Classic (LUNC) supply reduction mission continues to witness significant progress as several network validators, community members, and crypto exchanges including Binance keep on burning huge units of the LUNC token.
In the last 24 hours, LUNC DAO, an independent validator on the Terra Classic network burned the largest amount of LUNC in one transaction. The Terra Classic network validator which is the 5th-largest LUNC contributor destroyed a whopping 2,631,901 tokens.
Notably, this volume represents 51% of the total LUNC amount burned on Tuesday. Per data extracted from LuncPenguin, a LUNC burn tracking platform, the total LUNC burned on Tuesday amounted to 5,096,362 tokens. Comparing this amount with the LUNC tokens burned on Monday, a 2,107% increase is seen.
Although LUNC DAO made no formal update regarding this significant burn, the transaction memo indicated that the action came from the popular autonomous validator. With this latest burn fraction, the total amount of Terra Classic tokens incarcerated by LUNC DAO is 434,173,868, at press time.
On the whole, the community through the help of other supporters like Binance has burned 37,694,662,359.73 LUNC in total, ever since the token supply reduction initiative was rolled out.
While Binance, the world’s largest crypto exchange, has destroyed roughly 20,102,986,982 LUNC, the entity labeled Burn Tax ranks second-highest contributor, having burned approximately 12.5 billion LUNC.
Meanwhile, other validators such as Lunatics Token, Allnodes, Happy Catty Crypto, and Lunar Station have successfully destroyed 2.2 billion LUNC, 344 million LUNC, 34 million LUNC, and 30 million LUNC respectively. To further contribute to the burn mission, a top validator with the pseudonym Classy, burned 100% of the commission derived from the Classy Sphere validator node.
The community believes that reducing the hyperinflated LUNC supply would contribute largely to the price growth of LUNC. But Tobias Andersen (AKA Zaradar) suggests that creating proper use cases for the embattled token is one of the major approaches to revitalizing the LUNC project.
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