Terraport, the Terra Classic layer 2 decentralized finance project, powered by the independent LUNC development team – TerraCVita – promises to be very instrumental to the growth of Terra Classic network.
Among the multiple benefits the Terra Classic project stands to gain from the existence of Terraport Finance, the DeFi project team took to Twitter to highlight three major ways it would contribute greatly to the predicted upswing in the value of the embattled crypto token, LUNC.
According to the team, Terraport which includes a decentralized exchange (DEX) would burn LUNC from every transaction made on the trading platform. This goes further to explain how the team intends to burn billions of LUNC weekly as noted in the Terraport whitepaper.
By executing these numerous burns, the team remarked that deflation on the Terra Classic native token would see an increase which will, in turn, cause the price of LUNC to skyrocket.
Since Terraport finance runs on the Terra Classic layer-2 network, the team further mentioned that its functionality would cause an increase in the on-chain transaction volume of LUNC. The Terraport Finance team wrote:
“What benefits does Terraport bring to Terra Classic? Burn LUNC and $TERRA from every transaction. Increases the value of $LUNC by increasing deflation through burning. Increasing on-chain volume: DEX works on Terra Classic network.”
Related: LUNC Development Group Raises Additional $2M in To Support Terra Classic Terraport Project
It is worth noting that Terraport is not just a trading platform but offers other functionality, including investment, entertainment, and a launchpad. Also, Terraport is designed to take into account both the build-and-burn narratives of the Terra Classic community. The team revealed this in the DeFi project’s whitepaper which was unveiled a couple of weeks ago.
As previously reported by Times Tabloid, TerraCVita which raised over $3 million to fund Terraport development, noted that the Terra Classic DEX described as a ‘LUNC furnace’ would be launched in Q1 of 2023.
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