Monday, June 17, 2024
HomeCryptocurrencyPopular Terra Classic Validator Burns 100% of His LUNC Rewards: Details

Popular Terra Classic Validator Burns 100% of His LUNC Rewards: Details

The total burned LUNC tokens recorded a significant increase on Tuesday as a popular validator on the Terra Classic network pushed 100% of his various LUNC commissions to the project’s official burn address. This goes further to demonstrate how zealous members of the LUNC community are toward their token supply reduction mission.

Per an update from Classy Crypto, a top contributor in the community, he burned millions of his LUNC commissions derived from running a validator node on the Terra Classic network. According to him, his validator earned about 8 million LUNC and all have been incinerated. 

On Tuesday, he tweeted, “LUNC burn time. We’ve officially burnt 100% of our LUNC validator commission (8M) and some extra.” He added that 13 million Luna Classic has been burnt after adding the 0.2% tax while also sharing the proof of burn. Classy went further to urge more users to stake LUNC with his validator. 

Read Also: Terra Classic V23 Upgrade Completed While LUNC Dev Group Shares Update on Rebel Station

Earlier today, the crypto influencer disclosed that he also destroyed all of the LUNC earnings derived from his Terra Classic-related Youtube videos. He wrote, “Fun fact: I also burnt all of the ad revenue our $LUNC videos on YouTube have generated this month.” However, the volume of tokens burned in this scenario was not disclosed by him. 

These laudable actions taken by Classy, come a few days after he outlined four crucial measures that could trigger a rally in the price of LUNC. Meanwhile, another network validator revealed what could also be done by the community for LUNC price to pump. 

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According to LUNCTTS, 30% of the hyperinflated Terra Classic supply (2 trillion LUNC) needs to be incinerated for LUNC to reach the $0.01 mark. At the time of writing, LUNCPenguin data show that approximately 36.3 LUNC have been burned so far.


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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.
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