Community Trust ScoreVerified
The Terra Luna Classic community is celebrating a momentous achievement as they reach a significant milestone in their ongoing efforts to reduce the circulating supply of LUNC tokens. Since the May 2022 Terra-LUNA Crisis and the subsequent separation of the chain from TFL by Do Kwon, the community has taken up the responsibility of managing the Terra Luna Classic ecosystem and steering it towards long-term success.
Through a combination of strategic initiatives, community-approved developers, validators, and members have been diligently working towards their goal. The community’s commitment to the project’s sustainability and growth is evident through the launch of a burn campaign and the implementation of features like staking, which have contributed to reducing the total LUNC token supply significantly.
A key driving force behind this impressive achievement has been the unwavering support from various entities in the crypto space, including crypto exchanges, validators, projects, and individual members. By actively participating in the burn campaign and sending LUNC tokens to the burn address, these entities have played a crucial role in reducing the circulating supply.
Leading the charge in this endeavor is Binance, the world’s largest crypto exchange, which has been a prominent contributor to the LUNC burn efforts. Having burned almost 36 billion LUNC tokens, Binance alone accounts for over 50% of the total LUNC tokens burned to date. The exchange’s monthly LUNC burn mechanism has been instrumental in making substantial progress in reducing the token supply.
While celebrating this significant milestone, the Terra Luna Classic community remains focused on sustaining and increasing the burn rate. With a circulating supply of 5.81 trillion LUNC and a total supply of 6.84 trillion LUNC, the community is determined to enhance the utility of the token, which will, in turn, accelerate the burning process.
To achieve this goal, the Joint L1 Task Force developer group and the Quant USTC repeg team are gearing up for a productive Q3. Their focus lies in reducing both LUNC and USTC circulating supplies. Efforts include working towards repegging USTC to $1 and collaborating with exchanges to achieve this objective.
In addition to reducing the circulating supply of LUNC, the Terra Luna Classic community has also turned its attention to burning idle USTC and LUNC tokens in other protocols. One such initiative includes a proposal from Vegas to burn 800 million USTC or allocate it to the community pool from Ozone protocol. This showcases the community’s proactive approach to reducing the token supply and promoting a sustainable ecosystem.
As the Terra Luna Classic community celebrates their remarkable milestone, the price of LUNC faces some pressure in the market. LUNC price experienced a 1% dip in the past 24 hours and currently trades at $0.000081. It fell below the $0.000082 support level after failing to hold the $0.000090 support level. Similarly, USTC price also witnessed a 1% decline in the past 24 hours, trading at $0.015. Despite a recent rally, the trading volume for USTC has decreased in the last 24 hours, indicating some consolidation in the market.
As the Terra Luna Classic community continues its relentless pursuit of reducing the circulating supply, their concerted efforts and dedication stand as a testament to their commitment towards creating a robust and sustainable ecosystem. With the support of influential players in the crypto space and a strong sense of community, the Terra Luna Classic project remains poised for further growth and innovation in the ever-evolving world of blockchain and cryptocurrencies.
