Terraport Burns Nearly 100 Million Terra Classic (LUNC) in its First Week

Terraport has proven to be quite instrumental to the growth of the Terra Classic ecosystem after burning nearly 100 million LUNC in its first operational week. 

On Friday, the first-ever decentralized finance (DeFi) project on the Terra Classic layer-2 network kept the promise of burning hefty amounts of LUNC tokens per week. 

Terraport recorded its first-ever LUNC burns last Friday which is exactly seven days after the DeFi platform was launched. Per the update, the team burned a total of 94.6 million LUNC tokens in one day via two sources — Terraport Treasury and on-chain tax. 

Out of the total volume burned, 10,602,530 LUNC burns came from Terraport treasury while the highest burn volume (over 84 million LUNC) was derived from on-chain tax. Notably, LUNC was not the only token burned as 4,079 TERRA and 101,000 TerraClassicUSD (USTC) tokens were also incinerated courtesy of Terraport. 

“After an epic first week at Terraport, we are delighted to say $TERRA has helped to burn: From weekly burn of Treasury:10,602,530 LUNC, 4079 $TERRA. Burn on-chain: 84,000,000+ $LUNC, 101,000+ $USTC,” part of the update read. 

TerraCVita, the independent development group behind the Terraport Finance project added that the 94.6 million LUNC tokens burned is just the beginning of their LUNC burns as they plan to burn more tokens as transaction volume on the platform increases. “This is the start, as volume and price increase, so should burn,” the team remarked. 

This bullish development comes shortly after Classy Crypto, a top validator operator on the Terra Classic network clarified that the goal of Terraport is not to take TERRA – its native token — to $1. He stated categorically that the DeFi project aims to burn as many LUNC tokens as possible to contribute to the ultimate goal of achieving a 10 billion Terra Classic total supply.

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