In the past few months, lots of development has been introduced in the Terra Classic ecosystem as the community-driven project strives to make it to the limelight. Shortly after a non-fungible token marketplace, MetaGloria launched on the Terra Classic blockchain, the LUNC ecosystem looks set to welcome a decentralized exchange.
Per a Wednesday update, TerraCVita, an independent group of developers working on the revival of the Terra Classic (LUNC) project, is on the course of deploying a decentralized exchange on the Terra Classic blockchain. The anticipated DEX is designed to support the LUNC burning expedition.
From the update, it appears the expected decentralized application coming to the Terra Classic network, would incinerate a large portion of the LUNC token supply. According to TerraCVita, they are building a “LUNC furnace”, alongside other great projects.
“Great project meeting update. Dex is on track, along with all the other great projects. Presale due in the next couple of weeks. If you want to buy into the hottest dApp in Terra Classic, we have a LUNC furnace for you. Built by Terra Classic devs for Terra Classic Community,” the announcement read.
Great project meeting update ⚒️💰
Dex is on track, along with all the other great projects.
Presale due in the next couple of weeks.
— TerraCVita (@TerracVita) November 16, 2022
ReXx, a pseudonymous admin in the Terra Rebels group circulated the exciting update, saying, “you wanted a LUNC burner, TerraCVita built a furnace.”
LUNC Burn Progresses
The de-pegging of TerraClassicUSD (USTC) in May, resulted in the introduction of excess LUNC into the token’s total supply. In accordance, Terra Rebels, the leading decentralized group of developers reworking the embattled blockchain project made LUNC burning a priority.
The goal is to reduce LUNC’s total supply from 6.9 trillion to 10 billion tokens. This led to the rollout of the 1.2% LUNC tax burn on off-chain and on-chain transactions on the Terra Classic network. Several exchanges like Binance implemented this initiative which has contributed hugely to LUNC’s total supply reduction. As shown in Terra Station, Binance burned a total of 1.2 billion tokens on October 31.
It is worth noting that, the amount of LUNC burned surpassed 27.2 billion on Sunday, as reported by Timestabloid. At the time of writing, Terrarity, a LUNC burn tracking platform, showed that 27,908,947,333 LUNC tokens have been taken out of supply forever. The platform added that 458,227,540 LUNC are burned per day.
It is believed that the expected DEX, planned to be launched on the Terra Classic blockchain in the coming days, would facilitate the burning of LUNC.