Recently, there has been a growing number of projects, both within and outside of the Terra Classic ecosystem, with support for LUNC burning. In consequence, the circulating supply of the community-driven crypto asset continues to decline on a daily basis.
The Terra Classic community believes that reducing the circulating supply of LUNC to the 10 billion mark could positively impact the price of the asset. Hence, LUNC burning has been among the top priority for the Terra Rebels group.
According to data retrieved from Terrarity, a platform that tracks LUNC burn and a validator on the Terra Classic network, the total volume of LUNC incinerated has exceeded 28 billion. At the time of writing, the all-time Terra Classic burn volume is 28,055,812,347 LUNC, according to Terrarity.
This further shows that more than 1 billion Terra Classic tokens have been taken out of circulation in 5 days. As earlier reported, all-time LUNC burned surpassed the 27 billion mark on Monday.
The LUNC burner tracker revealed that out of the more than 28 billion LUNC burned, about 18.4 billion tokens were destroyed by sending them to the LUNC burn address. Per data on Terrarity, approximately 9.67 LUNC were destroyed courtesy of the 0.2% LUNC tax burn placed on all off-chain and on-chain transactions on the Terra Classic network.
Statistics showed that 443,697,927 LUNC tokens are burned per day. At this daily Terra Classic burn rate, only 826,712,137,371 LUNC would be destroyed in 5 years, which represents only 12% of the token supply.
Notably, Coinmarketcap, the leading crypto-tracking platform recently updated the circulating supply data of LUNC. The current figure shows that the effort of the Terra Classic community regarding LUNC burning is paying off, as the circulating supply has gone below 6 trillion. From over 6.9 trillion tokens in circulation, LUNC’s circulating supply now reads 5,999,383,147,121.
🔥Total burned $Lunc: 28.01b🔥
Vol24h: $96,880,162$Lunc Staking
— LUNC Burn (@LunaBurn_13) November 18, 2022