Burn

Terra Classic

Lido DAO

Terra

Anchor

<ul>
 <li>Anchor bLuna rewards and Lido rewards dispatcher contracts would be used to burn 12B LUNC.</li>
 <li>The intended burn of these tokens will shortly be put to a vote by the governance.</li>
</ul>
In order to deplete the supply, the Terra Luna Classic community proposes to burn 12 billion LUNC and 68 million USTC in contracts. Which include the Lido DAO rewards dispatcher. As part of the effort to revive and repeg to $1. The community has begun withdrawing <a href="https://thenewscrypto.com/lunc-community-approves-allocating-funds-for-development-projects/" target="_blank" rel="noopener noreferrer nofollow">LUNC</a> and USTC from circulation.
After the recent burn tax, which saw 8.34 billion total fees accumulated in a single day, this is the second highest burn from the circulating supply, after 7 billion LUNC.
<h3 class="wp-block-heading" id="h-proposal-to-undergo-voting">Proposal to Undergo Voting</h3>
Anchor bLuna rewards and Lido rewards dispatcher contracts would be used to burn 12 billion LUNC, according to a proposal. The updates will also be reflected on CoinGecko and CoinMarketCap. The contracts now belong to the Terra Luna Classic community since the contract owner has nullified them.
Due to a proposal made by the Lido DAO on June 22, 2022, rendering all Lido contracts on Terra Classic non-upgradable and their ownership null and void, these funds are locked.
The intended burn of these tokens will shortly be put to a vote by the governance. In order to get the community’s agreement. As time goes on, the developers of Terra Luna Classic will also take out additional LUNC and USTC that are going to be burnt. As part of the Terra Shuttle Bridge (BSC) contract, the community withdrew 87 million USTC and 93 million LUNC from circulation.
The community is anticipating a rebound over $0.0001 in the LUNC price due to the following factors. The LUNC burn on <a href="http://binance.com" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, the LUNC and USTC burns on Terraform Labs, and the deployment of <a href="https://thenewscrypto.com/terra-luna-classic-lunc-community-finally-approves-tax2gas-proposal/" target="_blank" rel="noopener noreferrer nofollow">Tax2Gas</a> in July.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/is-polkadot-dot-positioned-for-an-imminent-bull-run/" target="_blank" rel="noopener noreferrer nofollow">Is Polkadot (DOT) Positioned for an Imminent Bull Run?</a>

Terra Luna Classic Community Proposes 12B LUNC and 68M USTC Burn

Table of Contents

TheNewsCrypto

Other articles published on Jun 29, 2024

Vitalik Buterin says crypto regulations have created ‘anarcho-tyranny’

Investors Rush to MoonBag, The Best Crypto Presale in June 2024, Over Render and Near Protocol

Bitrue Ambassador: Missing Out on XRP is the Biggest Mistake

Major Crypto Alert: BlockDAG Bags $54.4M in Presales with Futuristic X10 Miner; Polkadot Falters,...

Ripple’s Strong Week Ahead, But CYBRO and Pepe Coin May Have Better Returns

Spot Bitcoin ETFs see $73M inflow amid mixed fund movements

Join our free newsletter for daily crypto updates!