Terra Classic

<ul><li>Terra Luna Classic burns 70B LUNC tokens, reducing the circulating supply.</li><li>Binance contributes 50% (36B LUNC) to the impressive burn effort.</li><li>Community seeks higher LUNC burn rate, targets USTC repegging.</li></ul>In a remarkable display of community-driven efforts, Terra Luna Classic has reached a major milestone by <a href="https://www.luncmetrics.com/" rel="noopener noreferrer nofollow">burning</a> a staggering 70 billion LUNC tokens, signifying a crucial step in reducing the supply since May 18, 2022. The community undertook the initiative to burn LUNC tokens following the Terra-LUNA Crisis and Do Kwon&#39;s decision to lead the chain independently.Managed by community-approved developers, trusted validators, and members, Terra Luna Classic has actively engaged in its burn campaign since last year, alongside other features such as staking. The relentless efforts of crypto exchanges, validators, projects, and members have contributed to the weekly average burn of 400 million LUNC tokens, with Binance playing a pivotal role in this endeavor.Binance, the world&#39;s largest crypto exchange, has been committed to reducing LUNC&#39;s supply and actively participating in monthly LUNC burn mechanisms. In the latest 11th batch of the burn mechanism, Binance successfully burned over 2.65 billion LUNC tokens on July 1, bringing its total contribution to over 35.5 billion LUNC tokens burnt to date.Looking ahead, the Joint L1 Task Force developer group and the Quant USTC repeg team are gearing up to focus on reducing the circulating supply of both LUNC and USTC in the upcoming quarter. A key objective of the developers is to repeg USTC to $1, and they are working closely with exchanges to ensure the successful completion of this process.Recent developments have seen the community&#39;s efforts expand to burning idle USTC and LUNC tokens held in other protocols. <a href="https://twitter.com/VegasMorph/status/1683943492639227904" rel="noopener noreferrer nofollow">A proposal </a>from Vegas has surfaced, suggesting burning 800 million USTC tokens or transferring them to the community pool from the Ozone protocol.Read full article at <a href="https://cryptotale.org/terra-luna-classic-surpasses-70-billion-lunc-burn-milestone-eyes-further-reductions/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Terra Luna Classic Surpasses 70 Billion LUNC Burn Milestone, Eyes Further Reductions

CryptoTale

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