LUNC DAO Archives - Times Tabloid

Terra Classic Projects Have Burned about 33 Million LUNC This Week

Solomon Odunayo — Tue, 28 Mar 2023 10:08:16 +0000

Although there is a slight reduction in Terra Classic social engagement, the community has not abandoned its LUNC burn initiative as relatively 33 million tokens got incarcerated this week by Terra Classic-based projects, validators, and anonymous individuals.

At the time of writing, the number of jointly burned LUNC tokens stands at 32.9 million, with four entities involved in 99.6% of those tokens, including Cremation Coin, Terra Casino, LUNC DAO, and Luna Station.

According to the burn record, the Cremation Coin accounted for the largest number of LUNC burned this week. The crypto-based project reportedly destroyed about 18.3 million LUNC tokens a few hours ago. The record shows that the project accounts for 55.6% of all Terra Classic tokens incarcerated so far this week.

Another project that was involved in the LUNC burn in the past 7 days is Terra Casino, a Terra Classic-based online bookie. It has been quietly burning hundreds of thousands of LUNC tokens on a daily basis since it was launched back in November 2022. The project has burned 1.99 million LUNC tokens this week and a relatively 6.9 million tokens in the past seven days.

The last two projects that have been performing excellently in terms of LUNC burn this week are LUNC validators Luna Station and LUNC DAO. LUNC DAO managed to destroy 1.6 million LUNC tokens this week as part of its weekly commitment to the burn initiative. While Luna Station burned 10.8 million tokens, which was conducted on Monday at 12:29 (UTC).

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Terra Classic Burn Rate Surges By 2107% in 24 Hours: Here’s How Much LUNC Was Burned

Ndianabasi Tom — Wed, 18 Jan 2023 20:03:28 +0000

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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40 Million Terra Classic Burned in 24 Hours as a Single Wallet Accounts for 25.8 Million LUNC Burn

Solomon Odunayo — Tue, 29 Nov 2022 10:11:21 +0000

The Terra Classic community-driven burn initiative continues to see notable contributions from individuals and groups. Over the last 24 hours, 40.4 million LUNC tokens have been sent to the inferno wallet, while 25.8 million of the incarcerated tokens came from a single wallet in one transaction.

According to the data from LUNC Pengiuns, an unofficial Terra-focused data-tracking system developed by Happy Catty Crypto, 40.4 million LUNC tokens were destroyed in 14 transactions.

The most significant transaction of all was carried out by Allnodes, according to the memo on the transaction at Terra Station. This implies that the 25.8 million LUNC was from Allnodes’ commitment to burn LUNC tokens on a weekly basis.

The transaction was also officially confirmed on Twitter by the independent Terra Classic validator on Monday. Allnodes had promised to help in burning LUNC tokens on a weekly basis until the end of this year.

Allnodes tweeted, “25,827,385 LUNC were burnt earlier today by Allnodes. Delegate to Allnodes and participate in our weekly ritual until the end of 2022! Auto-compound your rewards with @keplrwallet or @Ledger through the Allnodes portfolio page while we are burning.”

25,827,385 $LUNC were burnt earlier today by #Allnodes. Delegate to Allnodes and participate in our weekly ritual until the end of 2022! Auto-compound your rewards with @keplrwallet or @Ledger through the Allnodes portfolio page while we are burninghttps://t.co/9RyDzx9upj pic.twitter.com/P0lqzvFtXs

— Allnodes (@Allnodes) November 28, 2022

The memo of the second transaction shows that LUNC DAO, an independent Terra Classic validator, initiated the burn of 4.9 million LUNC on the same day. The latest transaction represents LUNC DAO’s 37th burn contribution to the progress of the burn initiative.

Terra Casino, the newly launched Casino platform, accounted for the third significant burn. The platform managed to destroy 8.9 million LUNC tokens. The memo on the transaction says it was initiated by BettingBurn1.

In an announcement on November 28, Terra Casino confirmed that it carried out the 8.9 million LUNC burn.

How hot was your day? For us it was roasting, we just sent another 9m of #LUNC from the @TerraCasino_io to burn… You bet we burn!https://t.co/xICD4C7adz pic.twitter.com/bHTKJGOTRK

— TerraCasino (@TerraCasino_io) November 28, 2022

It can be recalled that Terra Casino was launched a few days ago and initiated its first 1 million LUNC burn within two days of its launch, indicating that its target of burning 24 billion tokens in six months is feasible. In total, the Terra Classic-focused Casino platform has burned 10.8 million LUNC.

What do you call 10.8m #LUNC burnt? @TerraCasino_io we call that warming up.

— TerraCasino (@TerraCasino_io) November 28, 2022

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Terra Classic Sees a New Way to Massively Burn LUNC via 95,342 CEOs. Here’s How It works

Solomon Odunayo — Sat, 08 Oct 2022 11:33:39 +0000

The Terra Classic (LUNC) community has been taking necessary steps for the dream revival of the imploded network via a number of burn initiatives.

Before we can say LUNC revival is certain, there is a gargantuan 6.9 trillion LUNC circulating supply that needs to be drastically reduced through burns.

This plan for a remarkable recovery is already in motion via the implementation of a 1.2% tax burn by major exchanges, such as Binance.

Terra Classic Community Suggests CEO Burn

The newly introduced mechanism is called CEO burn. It’s introduced by a Tarra Classic community validator popularly known on Twitter as LUNC DAO.

According to LUNC DAO, there are 95,342 CEOs in the Terra Classic community. If each burns $1 worth of LUNC, they can collectively burn 333.7 MILLION LUNC tokens, which is a very simple way of reducing the token’s circulating supply.

LUNC DAO thereby challenged the teeming CEOs of the Terra Classic community to do the needful for the dream recovery to happen earlier than expected.

LUNC DAO tweeted, “Just had a thought… #CEOBURN. $1 USD = 3500 $LUNC. We have 95,342 CEOs If every CEO burns 3500 $LUNC. That would be 333.7 MILLION $LUNC burned. LET’S SEE WHAT THE 95,342 CEOs of $LUNC DAO CAN DO.”

Just had a thought… #CEOBURN

$1 USD = 3500 $LUNC

We have 95,342 CEOs

If every CEO burns 3500 $LUNC

That would be 333.7 MILLION $LUNC burned

LET'S SEE WHAT THE 95,342 CEOs of $LUNC DAO CAN DO

Burn wallet: terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu

Memo: CEO BURN pic.twitter.com/CDDdJPxeY1

— 𝕃𝕌ℕℂ 𝔻𝔸𝕆 (@LUNCDAO) October 8, 2022

The Terra Classic (LUNC) Burn Initiative Already Working

Within a few hours, the simple burn initiative suggested was already working. The unidentified CEOs have been sending 3,500 LUNC tokens to the dead wallet as shared by LUNC DAO in the same thread.

Captioning a screenshot of the inferno wallet’s blockchain data, LUNC DAO wrote, “LUNC COMMUNITY POWER RT AND SPREAD THE WORD GO GO GO GO GO GO GO.”

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