The Terra Luna Classic (LUNC) community is on the edge of its seat, eagerly anticipating a substantial LUNC burn by Binance. The prominent cryptocurrency exchange has been an instrumental player in the ongoing LUNC burn mechanism, which aims to reduce the total supply of LUNC. This initiative comes at a crucial time, with the total LUNC supply recently dropping to 6.78 trillion, spurred by increased trading volumes and previous burns.
Community Support and Staking Surge
The enthusiasm within the community is palpable, especially as delegators have significantly increased their stakes with Terra Luna Classic validators. This surge in staking has pushed the total staked LUNC to over 1 trillion, underscoring strong community support and confidence in the project’s future. The current staking ratio of 14.83% highlights the robust backing from validators and investors alike.
Binance’s Pivotal Role
Binance’s role in the LUNC burn initiative has been substantial, having burned approximately 60.42 billion LUNC so far. This amount constitutes nearly 48.8% of the total LUNC burned by the community. Overall, the community has successfully burned around 124 billion LUNC, with 71 billion sent to a burning wallet and an additional 53 billion eliminated through on-chain burn mechanisms.
In the past week alone, nearly 7 billion LUNC were burned as whales and investors transferred LUNC from centralized exchanges. These transactions generated total fees amounting to 8.34 billion LUNC, contributing significantly to the burn effort. The remarkable increase in staked LUNC highlights the validators’ and community’s commitment to supporting the network.
Future Burn Mechanisms and Community Initiatives
Looking forward, the Terra Luna Classic community is gearing up for the implementation of the Tax2Gas mechanism, which is expected to enhance LUNC burns, as recently reported. This initiative, anticipated to be completed by July, aims to generate additional LUNC burns through transaction fees.
Furthermore, Terraform Labs CEO Chris Amani has confirmed that LUNC and USTC (TerraUSD Classic) held in the Terraform Labs and Luna Foundation Guard wallets will also be burned. However, these burns have not yet been accounted for by the community.
The community reserve pool has seen a substantial boost, now holding 6.22 billion LUNC and 12.37 million USTC. This reserve provides the necessary funds to support ongoing development activities, enhancing the project’s sustainability and growth prospects.
LUNC and USTC Price Trends
Despite the ongoing burn initiatives, LUNC’s price has been relatively stable, currently trading at $0.00008098, with a slight decline of 1% over the past 24 hours. The trading range for LUNC has been between $0.000081 and $0.000083. On the other hand, USTC has experienced a slight decline, falling by 0.47%, with its current trading range between $0.01758 and $0.01815.
Binance’s impending burn is expected to generate significant trading volume, potentially driving LUNC prices higher. If LUNC manages to break past the $0.000090 mark, it could signal a period of extended gains and might also positively impact USTC prices. The Terra Luna Classic community remains optimistic and committed to its goal of reducing the total supply and fostering long-term growth.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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