About 1 Trillion LUNC Tokens Staked

Terra Classic is built on a Terra blockchain protocol that utilizes the efficacy of stablecoins to propel price-stable global payment systems. Luna Classic (LUNC) is the dedicated token of the Terra blockchain that is currently making waves in crypto staking.

A well-known personality in the Terra Classic community recently disclosed that 970,351,935,248 LUNC tokens are currently locked up in staking contracts. It won’t be long to reach 1 trillion in number staked LUNC coins, an achievement that will go down as a significant milestone.

Staking on $LUNC reaches new highs
1tr staked is in sight, this is a great endorsement and confidence for the longer term future of #LUNC pic.twitter.com/auCK6Af0Q4

— Rexyz (@RexYellerBelly) May 11, 2023

Can LUNC Value Benefit from the Staked Tokens?

The 970 billion staked Luna Classic tokens represent a massive increase from the over 700 billion recorded in the early periods of 2023. The growing increase in the number of staked coins invariably testifies to the growing confidence in Terra Classic as a long-term investment option.

It’s generally believed that the more a token is being taken out of circulation, the more chances it has to experience a rise in value. This implies that the journey to $1 per coin is still valid.

Terra Classic Burns Record

According to Terra Classic’s data on CoinGecko, Terra Classic boasts of a circulating pool of 5,881,801,251,439 from a total supply of 6,852,298,434,646 coins. These figures are relatively massive for a mere half a billion dollars worth. As a result, Terra Classic is strongly burning its coin supplies in a bid to increase the market value of Luna Classic. The Terra Classic platform has burned 1.3 B LUNC tokens worth around $110,794.

Also, Binance burned over 1.26 billion LUNC coins in its just concluded monthly burning episodes, bringing the total units of LUNC burned by Binance to around 31.83B LUNC coins. Luna Classic became the first crypto asset to exceed 31 billion in terms of burned assets. LUNC’s total burns now stand at an estimated 57.3 billion tokens.

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According to Harrison, Terraport is designed to satisfy many purposes and utilities including serving as a LUNC burner, a decentralized crypto exchange (DEX), and a launchpad. 

As a DEX, he noted that Terraport would contribute to the growth of Terra Classic by introducing several trading pairs for LUNC. By opening up new markets for the asset, more investors may be attracted to LUNC thereby causing a spike in its market capitalization and price per coin. 

Rexyz wrote, “How will Terraport help LUNC? It’s a crypto exchange and a launchpad and more. It will create lots of trading pairs with LUNC making it easy for people to buy and sell LUNC and dApp tokens.”

More so, he reiterated that Terraport would not just serve as a crypto marketplace but would serve as a LUNC furnace. The senior member of TerraCVita confirmed that the Terraport team would copy Binance by converting part of its acquired trading fees to LUNC and burning them. 

While a portion of the fees would go for TERRA burning, some percentage would be used to incentivize stakers of the Terraport native token — TERRA. 

“All exchanges charge fees, instead of Terraport keeping it all, the fees earned will be used by Terraport to burn LUNC, burn TERRA, provide staking rewards to TERRA stakers,” he wrote. 

Recall that Edward Kim, a top developer in the LUNC L1 Task Force is on the course of launching the public beta of an AI-based app chain utility for LUNC. Rexyz added that fees from the Terraport DEX would also be used to fund other projects that seek to boost LUNC’s growth and development such as Kim’s new project. 

Furthermore, Rex Harrison explored how Terraport’s Launchpad utility would help LUNC to grow. As stated by him, the launchpad would help projects coming to LUNC to raise funds for development, create Terra Classic-based layer-2 tokens, as well as enhance the effective marketing of their projects.

Notably, Rexyz had earlier revealed Terraport’s ultimate goal for LUNC while the project team disclosed how Terraport intends to burn billions of LUNC tokens weekly after its confirmed launch date.

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Voting on the proposal which was submitted last week ended on Monday per an update from Rex Harrison, a senior member of the independent Terra Classic development group — TerraCVita. 

The majority of the LUNC community abstained from casting a vote on the proposal while the number of members (36.888%) that voted ‘No’ outnumbered the total ‘Yes’ votes (11.98%). Proposal 11397, therefore, stands rejected as it failed to reach the pass quorum. 

Reacting to the development, Harrison reiterated that the best way to revitalize LUNC is to build sufficient utilities and use cases for the token. 

“With the burn tax increase proposal 11397 rejected and not even making quorum this sends an overwhelming message that Terra Classic supports a stable political environment where the preferred approach to bringing value to LUNC is building and philanthropic / utility burning,” he wrote. 

This syncs with the viewpoints shared by Edward Kim, a lead member of the LUNC Joint L1 Task Force. According to Kim, LUNC will remain a meme coin until solid utilities are built around it. 

Hence, his decision to develop an app-chain utility for LUNC connected via Inter-Blockchain Communication. This Machine Learning and Artificial Intelligence based application would be designed such that it can help fund LUNC development, help reduce the supply of LUNC and UST as well as increase the utilization of LUNC, Kim revealed. 

TerraCVita and Tobias Andersen attested to this today as seen on the tweet below. 

We can confirm that we are discussing with @edk208 and @ZaradarBH regards @_Terraport_ being utilised to assist the launch of the ML project and bring even greater burn volume through the DEX. @TerracVita helping build our future https://t.co/GW5lSJVq7V

— TerraCVita (@TerracVita) March 21, 2023

To further introduce solid utility for LUNC and a stable political environment for the project, TerraCVita is set to launch Terraport. Terraport is a Terra Classic layer-2 decentralized finance ecosystem (DEX) that would not only support massive LUNC burning but attract new investors.

Earlier today, the team behind Terraport confirmed March 31 as the launch date for the promising project. Recall that TerraCVita had earlier shared the Terraport launch roadmap.

On the 31st March @_Terraport_ launches.
Rejection of this proposal means @_Terraport_ #DEX can compete with other DEX's commission rates.

Do $LUNC proud and get as much volume in @_Terraport_ as we can. This could be massive for #LUNC and burn billions.#Finance #crypto https://t.co/6iXE5DLqbH

— TerraCVita (@TerracVita) March 20, 2023

 Meanwhile, Rex Harrison previously detailed why the Terra Classic community needs Terraport and the project’s ultimate goal. To elaborate, he noted today that “the DEX [Terraport] will charge fees circa 0.5%, including burn tax where applicable.”

He added that over 44% of these fees will burn LUNC with 56% going into liquidity pools, staking, and burning TERRA — Terraport’s native token.

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In a recent tweet, LunaBurnTracker, a channel that tracks the burn of LUNC tokens, reported the incarceration of about 8.8 billion LUNC tokens worth $1.5 million.

Read Also: Terra Classic Community Passes Proposal to Bring Back Binance LUNC Burn: Details

LunaBurnTracker tweeted, “Burn alert! 8,849,666,174 #LUNC ($1,504,266) burned to Luna Burn Wallet!”

Burn alert! 8,849,666,174 #LUNC ($1,504,266) burned to Luna Burn Wallet!https://t.co/BD5MDKZ13l#BurnLunc #LuncArmy

— LunaBurnTracker (@LunaBurnTracker) March 2, 2023

Notably, the recent upgrade to the Terra Classic network, which took place a couple of hours ago, made community members expect Binance to resume its voluntary LUNC burn since all its concerns have been addressed.

It can be recalled that the leading exchange suspended its usual LUNC burn following the emergence of issues related to the LUNC re-minting and burn tax. The community had to resolve all issues raised by the exchange to bring back its support. It’s worth noting that Binance has been the major contributor to the Terra Classic burn initiative.

Read Also: Terra Classic Community Backs TerraCVita To Apply for Binance Industry Recovery Fund

The significance of Binance to LUNC revival made Terra Classic developers add vital features to the recent upgrade to meet the exchange’s demand.

As earlier stated, many community members expect the burn to start as usual after Binance announced its support for the recent Terra Classic network upgrade.

Also, this should serve as a bullish fundamental for the in-house investors and potential holders of LUNC tokens.

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This valid speculation follows after the majority of the Terra Classic community voted in support of the proposal that sets out to upgrade the LUNC blockchain to an advanced version — v.1.1.0. This proposal, authored by Edward Kim, equally seeks to add three optional features on the Terra Classic blockchain.

A top validator and widely followed crypto influencer, pseudonymously known as ClassyCrypto, shared this update in a Tuesday tweet.

It bears mentioning that this passed proposal is vital because it addresses Binance’s condition to resume LUNC burn after the top exchange halted its voluntary burn of trading fees derived from LUNC margin and spot trading last December.

The exchange suspended its monthly LUNC burn event as it did not want to see its burned tokens reminted. Amid suspending LUNC burn because of the wrong call made by the project community, Binance noted that it would continue burning LUNC if only the community would cease reminting burned LUNC, exempt its affiliated wallets from on-chain tax as well as create a separate burn wallet for the exchange.

Recall that the Terra Classic community rolled out an agenda to remint burned LUNC to fund its community spend pool and facilitate ecosystem developments. However, this controversial token reminting agenda was halted as part of satisfying Binance’s condition to bring back LUNC burn.

With the recent passing and eventual implementation of the vital proposal from the lead LUNC developer Edward Kim, all of Binance’s demands would have been satisfied. Accordingly, the exchange may pick up LUNC burn on March 1, 2023, as earlier noted, but with reduced support.

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Terra Classic (LUNC) Blockchain Upgrade to v.1.1.0

Tobias Andersen, a member of the Terra Classic layer 1-focused development team known as the Joint L1 Task Force hinted on Monday that another major Terra Classic upgrade is around the corner. 

Having completed the Terra Classic blockchain transition from v.1.0.4 to v.1.0.5 about a week ago in order to meet Binance’s requirement to resume LUNC burn, the active development team, the Joint L1 Task Force is set to upgrade the Terra Classic blockchain to v.1.1.0. 

In a tweet shared on the 20th of February, Andersen, a senior member of the team wrote, “1.1.0-rc1 seems to be working now,” sharing the GitHub link for confirmation. He added that the upgrade to v.1.1.0 “should be good to go soon.”

This update comes shortly after Garuda Nodes, a validator on the Terra Classic network, announced that a new play-to-earn game would be launched on the LUNC blockchain by Q2 of 2023. 

1.1.0-rc1 seems to be working now @ https://t.co/ng3BCEoLlI . Should be good to go soon time for some sleep

— Tobias Andersen (@ZaradarBH) February 20, 2023

Read Also: Staked LUNC Hits New High as Over 3.5 Billion Terra Classic Tokens Were Staked in a Day

Edward Kim, the brain behind the formation of the Joint L1 Task Force mentioned this upgrade in the signal proposals he submitted to the community for voting last week.

The lead Terra Classic developer proposed that three optional features including wallet exemption to on-chain tax, separate burn wallet exempt from Seigniorage and burn tax split to the community pool should be added on the LUNC blockchain when the upgrade to v.1.1.0 is completed. 

Bringing these optional features to the Terra Classic blockchain would enable the community to meet Binance’s conditions to pick up LUNC burning, the associate professor pinpointed. 

According to Kim, these three optional features would only be added to the Terra Classic blockchain alongside the next LUNC network upgrade to v.1.1.0, if there is a signaling consensus on the three signal proposals. 

On the other hand, Kim said that if all three optional features fail to pass the signaling governance, there will still be a release of v1.1.0 put forth for voting that contains consensus-breaking required security updates.

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Recall that Jacob Gadikian, the founder of Notional Labs, pointed out the inadequate state of validator services offered by Allnodes including high voting power and customers’ private key compromise. Consequently, he resigned from the LUNC L1 Joint Task Force team where he worked as one of the two full-time developers. 

In an appeal statement directed to Jacob Gadikian, Edward Kim who had partially addressed Gadikian’s concerns explained why his highest priority and the current objective is to minimize the potential risk posed by Allnodes services, specifically to the LUNC network. 

According to Kim, the two key concerns with Allnodes which include high voting power (HVP) and key compromise (KC) are not linearly independent. “I believe that the high voting power is a multiplier to risk on LUNC,” he remarked. 

He wrote:

For example, if we consider that LUNC_Risk = HVP(HVP + KC).  If HVP = 0, then the risk to the LUNC network is 0.  Intuitively, I hope this makes sense. If Allnodes’ validators have a combined 0 voting power then this non-zero KC makes no difference to the LUNC network security, (KC*0) = 0.  Alternatively, if KC = 0 (there are no keys compromised), but there is still high voting power, the LUNC network security is still at risk.”

From the foregoing, Edward Kim declared that addressing the high voting power Allnodes has is the ultimate priority for the Terra Classic development team and not the problem of key compromise as that doesn’t primarily affect LUNC. 

He added:

“Thus, my efforts on lunc are to address HVP first. I believe your objective function is different, addressing risk across all blockchains, where the KC parameter is pervasive across multiple chains, and HVP may not be as bad. This makes sense because you work in the entire ecosystem, whereas my highest priority is LUNC. 

Hence you are focusing on KC, which has the greatest impact on your objective function, whereas I am focusing on HVP which has the greatest impact on mine.”

It bears mentioning that Allnodes, which provides reliable non-custodial node hosting and staking services to several blockchains, is the top-ranked validator on the Terra Classic network by voting power and total delegations at the time of writing. ATOMscan showed that Allnodes has the highest voting power of 17.67% with a total of 159.49 LUNC delegated to the validator node at press time. 

This massive delegation made to the validator node by users is due to the high commission Allnodes offers. While other validators have a maximum commission not greater than 50%, Allnodes’ max commission sits at 100%. 

Hence, Jacob Gadikian responded to Edward Kim stating that the ultimate solution to both issues associated with Allnodes is for the developer to encourage users to undelegated their LUNC tokens from the top validator node. 

Meanwhile, as earlier reported by Timestabloid, Kim noted on Thursday that Allnodes is working to reduce its high voting power by reducing its commission for staking LUNC. At press time, Smart Stake Analytics showed that 69 LUNC delegates have shunned Allnodes in the last 24 hours, reducing its total delegates count to 33,652. More so, a total of 10.6 billion LUNC is set to be undelegated from the validator node as 1,822 delegates have begun their undelegation process.

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As reported by the popular validator on the Terra Classic network, Classy Crypto, burned LUNC will no longer be re-minted as recommended in two previously passed proposals. The main idea behind re-minting LUNC burns was to create funds for developments in the ecosystem. 

As of 4 hours ago, $LUNC reminting is NOW GONE!

NO LONGER WILL THEY REMINT OUR BURNT #LUNC!
RETWEET TO SPREAD THE WORD!#LUNACLASSIC BURN MOVEMENT IS COMING BACK! pic.twitter.com/cPSvtoDroQ

— Classy (@ClassyCrypto_) January 11, 2023

This eventual end to the re-minting of burned LUNC comes after the passing of Proposal 11242 on Wednesday. The proposal titled ‘Stop LUNC Re-minting from Burns by Setting Seigniorage Reward Policy to Zero’ was submitted on Thursday for voting. Meanwhile, the proposal serves as Part 1 of an earlier proposition that gunned for an increase in gas fees on the Terra Classic network by 5x.

Read Also: It May Take 5 Years to Burn 9% of Terra Classic Total Supply. Is LUNC Race to $1 Still Feasible?

With Proposal 11242 now passed, the seigniorage reward policy will be adjusted to zero. Importantly, LUNC re-minting from burns has now ceased as a corresponding effect. Data showed that 95.98% of total voters supported the stoppage of the LUNC burn re-minting, while 3.65% voted against it. 

It bears mentioning that the idea to bring back burned LUNC into circulation posed a huge setback to the Terra Classic burn expedition. Binance, the largest contributor to the Terra Classic burns mission with over 20.1 billion tokens burned, was forced to reduce its support toward the initiative by 50%, following the community’s agreement to re-mint 10% of LUNC burned.  

With this latest development, it is yet to see whether the largest cryptocurrency exchange by 24 hours trading volume may reconsider its position with the burning of trading fees derived from LUNC spots and margin trades on its platform.

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Edward Kim, the author of the proposal and the Terra Grants Program team lead proposed that Terra Classic should have no canonical repository. He recommended that guardianship of the code that runs on the LUNC blockchain should be determined solely by the active network validators.

In other words, Kim, who prefers a completely decentralized LUNC project, contested that the Terra Classic code base should not be controlled by any developer group or centralized entity. Alongside this, Kim proposed that the procedure of using code commit hashes (starting with the current code hash) should be the preferred method of upgrading the Terra Classic blockchain. 

In highlighting the motives behind the proposal which he submitted for voting on January 5, the core LUNC developer disclosed that the Terra Classic L1 developers are being held back from pushing their LUNC development function due to the team’s inability to access the current Terra Classic canonical repository. 

Read Also: LUNC Development Group TerraCVita Set to Launch Terra Classic DEX in 2023

This is because the current Classic canonical repo is subject to the approval of Do Kwon’s TerraForm Labs team. The Terra Classic L1 developers do not have “write access” to the current canonical repository, Edward Kim wrote.

The core LUNC developer disclosed that the TFL team, which has the “write access” to the latest Terra Classic canonical repo dubbed “classic” is no longer working on the Classic chain. As a matter of necessity, Kim stressed the need to eliminate or change the project’s GitHub canonical repo in the proposal. 

He said;

By voting YES, you are communicating that you believe that there is no central canonical repository required for the Terra Classic blockchain, and you support the procedure of using code commit hashes (starting with the current code hash) as the preferred method of upgrading the blockchain.

Read Also: Terra Classic (LUNC) Price for January 31, 2023, Predicted by Machine Learning AlgorithmtAlgorithmtw

By voting NO, you are communicating that you would like the canonical repository to stay as the Terra Rebel’s classic repository, https://github.com/terra-rebels/classic-core 19, or you would prefer that we propose to change the canonical repository instead.

Discussion for no canonical repository for Terra Classic, https://t.co/j2TqbIt9cA

— Edward Kim (@edk208) January 5, 2023

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Though the LUNC community Proposal 11030 was highly controversial, more validators on the network gave their support, and subsequently, a funding fee of 937,500,000 LUNC amounting to $150,000 at the time of issuance was sent to the Terra Rebels group. 

Considering that the development team failed to clearly state how the funds would be utilized to execute the Rebel Station restructuring project but rather shared it among a few team members, LUNCDAO, one of the popular LUNC validators, TerraCVita, and other community members called out Terra Rebels for scamming the Terra Classic community. It is worth noting that the TR group reportedly removed and blocked members who did not support their vague plans. 

Notably, the competing LUNC development team, TerraCVita said the amount given to the TR team was a waste of resources, adding the project could be completed in a few days by a single developer instead of the two-month time frame submitted by the TR team. 

Read Also: Terra Classic (LUNC) Price for January 1, 2023, Predicted by Machine Learning Algorithm

LUNC Community Demand $150,000 Refund From Terra Rebels

As the matter continues to heat up and given that the Terra Rebels group has neither made any factual comments nor shown justifiable proof of work, the LUNC community in recent comments is demanding a complete refund of the $150,000 allocated to them weeks ago. The LUNCDAO Twitter handle wrote, “TR’s ex-legal calling out the scam. Clan, Vegas, and the TR scam squad think the LUNC Community is dumb. Since stealing $150K, all they’ve done is ban/block people asking questions, write obfuscating BS and play the victim. The Community only wants 1 thing: their money back now.”

TR’s ex legal calling out the scam

Clan, Vegas and the TR scam squad think the $LUNC Community is dumb. Since stealing $150K, all they’ve done is ban/block people asking questions, write obfuscating BS and play the victim

The Community only wants 1 thing:

THEIR MONEY BACK, NOW pic.twitter.com/i2Ih7txNcp

— 𝕃𝕌ℕℂ 𝔻𝔸𝕆 (@LUNCDAO) December 26, 2022

“Terra Rebels must stop all work on Rebel Station and return the $150K now. LUNC community has made their voice clear if TR doesn’t comply they are admitting to being Rutgers,” a community member and social media influencer named Crypto King also tweeted. 

Terra Rebels must stop all work on Rebel Station and return the $150K now.$LUNC community has made their voice clear, if TR doesn't comply they are admitting to being ruggers.

— Crypto King (@CryptoKing_NFT) December 24, 2022

Likewise, an inactive Terra Rebels Communication Director with the alias PSX_TX took to Twitter on Christmas day to further expose the fraudulent act shown by the independent development team. As a result of his internal investigation exercise, he revealed to the Terra Rebels that they have committed 4 crimes against the LUNC community and all members of the group are at risk of facing litigation if no refund is made to the community pool.

#PublicServiceAnnouncement: A message from TR Communication's Director (INACTIVE) @PSX_TX . In the spirit of "Transparency" please see link and Merry Christmashttps://t.co/V08MOJpNEG#Whistleblower

— Terra Rebels (@TerraRebels) December 25, 2022

Related: How Terra Rebels Scam Allegations Could Force Binance To Stop Supporting LUNC Burn Mission

According to the whistleblower, the crimes committed by the dev group Terra Rebels include investor fraud, community fraud (false advertising), money laundering, wire fraud, and embezzlement. PSX_TX concluded that members of Terra Classic residing in the United States could file a class action against the Terra Rebels and all those who voted, signed, supported, and/or accepted money from the 937.5 million handed out at the passing of the Rebel Station restructuring proposal.

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