Terra Classic

Lido DAO

Terra

Billion

Spot

Terra Luna Classic community to burn 12 billion in LUNC and 68 million USTC in contracts including Lido DAO rewards dispatcher, removing them completely from supply. The move comes as the community started removing LUNC and USTC from circulating <a href="https://coingape.com/glossary/circulating-supply/" target="_blank" rel="noopener">circulating supply</a> for revival and repeg to $1. 
<h2 id="terra-luna-classic-12-billion-lunc-burn">Terra Luna Classic 12 billion LUNC Burn</h2> 
The Terra Luna Classic community takes out 12 billion in LUNC and 68 million USTC from circulation. It is the second largest removal from the circulating supply after the recent 7 billion LUNC burned in <a href="https://coingape.com/why-terra-luna-classic-lunc-ustc-prices-crashed-amid-massive-6-5-bln-lunc-burn/" target="_blank" rel="noopener">burn tax</a> that saw 8.34 billion total fees accrued in a single day. 
The massive 12 billion LUNC will be burned from Anchor bLuna rewards and Lido rewards dispatcher contracts, as per a proposal. Also, the changes are live on the CoinMarketCap and CoinGecko. Since the contract owner has invalidated itself, the Terra Luna Classic community now owns the contracts. 
“These funds are locked since Lido DAO passed a proposal on June 22, 2022 to make all Lido contracts on Terra Classic non upgradable and make their ownership invalid,” revealed an X account named Terra Classic Foundation. 
The governance voting on the proposed burn to begin soon to get the community’s approval on burning these funds. Terra Luna Classic developers also remove other LUNC and USTC from circulation that will be burned over time. The community removed 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from the circulating supply. 
Also Read: <a title="LUNC News: Terra Classic Community Claims Coinbase-Backed Karak Stole 200M USTC" href="https://coingape.com/lunc-news-terra-classic-community-claims-coinbase-karak-stole-200m-ustc/" target="_blank" rel="bookmark noopener">LUNC New — Terra Classic Community Claims Coinbase-Backed Karak Stole 200M USTC</a> 
<h2 id="lunc-price-to-hit-0-0001-in-july">LUNC Price To Hit $0.0001 In July?</h2> 
<a href="https://coingape.com/price/terra-luna-classic/" target="_blank" rel="noopener">LUNC price</a> dropped over 1% in the past 24 hours, with the price currently trading at $0.00008196. The 24-hour low and high are $0.00008050 and $0.00008366, respectively. However, trading volume has decreased further by 21% in the last 24 hours. 
<img decoding="async" class="aligncenter wp-image-205137" src="https://coingape.com/wp-content/uploads/2024/06/LUNCUSDT_2024-06-29_21-50-18-1224x464.png" alt="LUNC price" width="752" height="285" srcset="https://coingape.com/wp-content/uploads/2024/06/LUNCUSDT_2024-06-29_21-50-18-1224x464.png 1224w, https://coingape.com/wp-content/uploads/2024/06/LUNCUSDT_2024-06-29_21-50-18-300x114.png 300w, https://coingape.com/wp-content/uploads/2024/06/LUNCUSDT_2024-06-29_21-50-18-768x291.png 768w, https://coingape.com/wp-content/uploads/2024/06/LUNCUSDT_2024-06-29_21-50-18-1536x582.png 1536w, https://coingape.com/wp-content/uploads/2024/06/LUNCUSDT_2024-06-29_21-50-18-150x57.png 150w, https://coingape.com/wp-content/uploads/2024/06/LUNCUSDT_2024-06-29_21-50-18.png 1695w" sizes="(max-width: 752px) 100vw, 752px"> 
Binance LUNC burn, Terraform Labs’ LUNC and USTC burn, and <a href="https://coingape.com/glossary/what-is-tax2gas/" target="_blank" rel="noopener">Tax2Gas</a> implementation in July to provide the necessary push in LUNC price, with the community expecting a recovery above $0.0001. 
Meanwhile, <a href="https://coingape.com/price/terraclassicusd" target="_blank" rel="noopener">USTC price</a> trades at $0.01783, down 1.5% in the last 24 hours. The 24-hour low and high are $0.01755 and $0.01802, respectively. Trading volume has decreased by 12%, indicating a dip in interest among traders. 
In the derivatives market, LUNC and 1000LUNC futures open interests have fell in the last 24 hours. Traders now awaiting the monthly close and further cues from macro for trading in July. 
Also Read: <a title="US SEC Delays Spot Ethereum ETF Launch, Sends Back S-1 Forms" href="https://coingape.com/us-sec-delays-spot-ethereum-etf-launch-sends-back-s-1-forms/" target="_blank" rel="bookmark noopener">US SEC Delays Spot Ethereum ETF Launch, Sends Back S-1 Forms</a> 
The post <a href="https://coingape.com/terra-luna-classic-to-remove-18-billion-lunc-from-supply-will-lunc-and-ustc-rally/">Terra Luna Classic To Remove 18 Billion LUNC From Supply, Will LUNC And USTC Rally?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Terra Luna Classic To Remove 18 Billion LUNC From Supply, Will LUNC And USTC Rally?

Table of Contents

Coingape News Media

Other articles published on Jun 29, 2024

BlockDAG’s Surge Post Keynote 2 Ignites 1300% Rally; Analysts Weigh in on Toncoin Price Predictio...

US SEC Delays Spot Ethereum ETF Launch, Sends Back S-1 Forms

BTC Interest Surges with 352K Addresses Amid Volatility

Best Crypto Presale in 2024: MoonBag’s Unmatched 88% APY for Staking Leaves Fantom and Polygon Be...

92% of MATIC addresses are ‘out of the money’ and that means…

Decrease in Inflation in The United States: Here Are The Potential Consequences For Bitcoin!

Join our free newsletter for daily crypto updates!