A newly introduced cryptocurrency project dubbed Cremation Coin is now among the top contributors to the Terra Classic burn expedition. This latest burn event has taken its total LUNC burn contribution to over 28 million.
The project team which burns LUNC weekly to support the Terra Classic total supply reduction initiative announced a burn of over 16 million LUNC tokens earlier today. Particularly, the Cremation Coin team sent exactly 16,455,507 LUNC to the official Terra burn wallet at 9:57 EST today in just one transaction.
This update was shared on Twitter shortly after the transaction was executed. “Another 16,455,507 LUNC gone,” the team wrote, adding that staking would be enabled on its platform where CREMAT stakers would receive rewards in LUNC. According to the team, this would contribute to the burning of more LUNC tokens.
Another 16,455,507 #LUNC gone!
Great job, but we can do better!
We need everyone talking about this project's potential!
New website on the way, AMA tomorrow, staking coming!
— Cremation Coin 🔥Weekly LUNC Burns🔥 (@Cremation_Coin) January 31, 2023
Notably, the recently burned 16.5 million LUNC is the second-largest single LUNC burn event since 2023 began. The biggest single burn transaction was recorded on January 1 when approximately 18 million LUNC tokens were incinerated courtesy of the Terra Casino project.
It bears mentioning the Cremation Coin project which was deployed last December on the Binance Smart Chain network indulges in weekly burns of 10% of the project’s total transaction volume in LUNC. Data reveal that on Thursday, the team burned about 8.9 million LUNC.
On the whole, the Terra Classic community is making progress with the LUNC burn movement as the total LUNC burn volume from all contributors with tax burn included stands at 38,279,759,754 LUNC at the time of writing.
This total amount further represents a burn of only 0.56% of Terra Classic’s total supply. Meanwhile, the goal of the Terra Classic community is to reduce the hyperinflated LUNC supply from the initial 6.9 trillion to 10 billion.
However, this number could see a significant increase as Binance is likely to resume LUNC burning after suspending the exercise for several months given the controversial re-minting agenda introduced in the Terra Classic community.