However, according to CoinCheckup data, the circulating supply has shrunk from 210 million at the end of May to the current 125 million. There are several ways to burn tokens, and everyone can participate to the party. Post-attack UST holders: 15% Some top cryptocurrency exchanges have already announced thatthey will support the proposal once it goes live on September 20, 2022. Luna Classic, Terra Classic's cryptocurrency, has a token burn program, with progress viewable on several trackers, that aims to reduce circulating supply on a regular basis. However, this has been later changed to 0.2% in order to encourage more activity on the blockchain. Will Shiba Inu Coin Reach 25 Cents In 2023? "Once again, we don't have that kind of money," he said. If you are unsure which validator to delegate to, refer to our FAQ on choosing a validator for guidance. Wallet - Station, Leap, Falcon Luna Classic is a decentralized, consensus-based blockchain protocol that operates on a secure proof-of-stake consensus mechanism. LUNC is the native token of the Terra Classic blockchain, which imploded this May, wiping out $60 billion in market value; the project's algorithmic stablecoin lost its peg to the dollar, and LUNC, the token that was supposed to be its stabilizer, fell into hyperinflation. This ensures that the total supply of tokens is constantly decreasing, thus increasing their value over time. The idea effectively generated a new layer-1 Terra blockchain without its algorithmic stablecoin. Gfinity Esports is supported by its audience. Although no official announcement has been made concerning an increase in burns, a Twitter user brought some interesting data to light. Binance, accounting for 70% of all trading volume in the space, has committed to carrying out LUNC burns on a monthly basis. However, the Terra Classic community ultimately decided to move forward with the new proposal, with 39 out of 42 transaction verifiers approving it. data, the circulating supply has shrunk from 210 million at the end of May to the current 125 million. Sign up for BTCC now to build your own portfolio! Track current Luna Classic prices in real-time with historical LUNC USD charts, liquidity, and volume. One of the key players in this burn program is Binance. This allows users to track the burn progress and get a better understanding of the burn mechanism. Aptos price prediction: Is APTtoken a good investment? May 22, 2022 - Posted in terraluna by luna Do Kwon has given the community the official address for burning $LUNA The price has already gone up 70%+ in one hour as the community has decided to start burning the tokens. This is thought to be a precautionary measure to avoid losing customers through higher fees. Games - UNOPND etc The platform has a unique coin burn feature, which is designed to reduce the circulating supply of tokens while increasing their value. Users with bridged UST or LUNA who would like to be included in the post-attack snapshot need to bridge back to Terra before the snapshot is taken. The Luna Classic team has also developed a series of other mechanisms to increase the scarcity of their tokens. Details are subject to change. The new Terra Luna network might have launched - but coin burns of Luna Classic (LUNC) and TerraClassicUSD (USTC) have both risen in recent days. Commit to returning funds if product has not been launched in 1 year. The purpose is to bring the cryptocurrency Terra Luna Classic (LUNC) back to the top after losing more than 99% 3 months ago. So, how's the Terra Luna Classic (LUNC) burn going? As. The founder of Terra, Do Kwon, has said that he has a recovery plan in place. Furthermore, some exchanges like Binance are implementing the Luna Classic burn mechanism even on trades facilitated by the exchange. The Terra Classic (LUNC-USD) community is implementing a coin burn mechanism to try and lift up LUNC prices. by the Terra Rebels. No reason was provided why this was the case. The Here is the tracker that allows live monitoring of the burning of this crypto. terraluna by All bonded / unbonding Luna, minus TFL at Pre-attack snapshot; staking derivatives included Proposal 3568, also known as the Lunc burner tax, is a system in which a transaction fee of 1.2% is applied to all transactions, whether depositing and buying or withdrawing and selling Luna Classic. The protocol consists of two main tokens, Terra and Luna. Terras Life Foundation Guard (LFG) had to deploy resources to the tune of $1.5 billion earlier this week to stabilise the price of its tokens. Then this fee is used to acquire and subsequently "burn" or erase Luna Classic tokens. The Terra recovery plan launched Luna 2.0, meaning a Luna burn was not chosen as the way to save Luna. Do Kwon has given the community the official address for burning $LUNA This makes up just making up just 0.055% of the circulating supply. On May 28, 2022, the creators behind LUNA released a 2.0 version of the cryptocurrency, whilst the "original" LUNA coin got rebranded into LUNC or Terra Classic. One of the causes for this is the new staking service from LUNC DAO. The number of LUNA burned jumped significantly in October 2022, after Binance burned 5.5 billion tokens or 0.08 percent of the coin's circulating supply. This proposal aims to finally integrate the staking and Lunc burner tax into the Luna Classic platform. Compared to the pre-implosion period, LUNC has lost almost 100% of its value, but compared to the lows at the end of June it has gained 280%. Dapps in the Terra ecosystem are designed to increase UST demand, while the issuance of UST implies a reduction in the Luna supply. Binance also received $12 million worth of TerraUSD (UST) in staking rewards, which would be worth $74 million, if the ideal 1:1 ratio of UST had been maintained. The increase was mainly due to the tokens interaction and relationship with stablecoin, UST. LUNC is currently down 10% in price today to $0.0001094 meanwhile USTC is down 21% to $0.01905. The bigquestion now is how high LUNC price will go following the next LUNCburn. Every first day of the month, Binance calculates the total amount of LUNC to be burned based on trading fees from the previous month, and sends it to a burn address. This upgrade was voted on and approved by the Terra Classic community. This will assist speed up the flow of UST out of the system, bringing it closer to its peg and driving down the price of Luna. There are also other problems related to the current and future development of the two projects. At this rate it will take a little less than a year and a half to burn only 1% of the total supply, and about fifteen years to get to 10%. By understanding the deflationary nature of Luna Classic tokens and their burn mechanism, users can better understand why reducing the circulating supply is important for increasing their value over time. Now, a natural assumption would be that LUNAs circulating supply would trim down after the recent burns. Pre-attack aUST holders: 10% If you are wondering when is the next Luna Classic burn taking place, the answer is simple Luna Classic burn is an automatic, continuous process that is being carried out daily. Available: https://www.statista.com/statistics/1317271/luna-burn-rate/, Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022, Available to download in PNG, PDF, XLS format, TerraClassicUSD USTC/USD price history up until October 20, 2022, 10-day Terra LUNA/USD realized volatility until May 12, 2022, Daily Terra Classic (LUNC) market cap history up until August 2, 2022, Daily TerraClassicUSD (USTC) market cap history up until August 2, 2022, Market cap of 120 crypto - incl stablecoin, NFT, DeFi, metaverse - in November 2022, Terra Classic (LUNC) dominance history up until July 7, 2022, TerraClassicUSD (USTC) dominance history up until July 7, 2022, Market dominance of 12 cryptocurrencies on November 15, 2022, Terra (LUNA) daily transaction volume up until March 23, 2022, Monthly active Terra (LUNA) addresses 2021-2022, Terra (LUNA) gas price history up until March 23, 2022, Transaction speed ranking of 69 crypto - including DeFi and metaverse - in 2022, Daily Terra (LUNA) trading volume history up until May 16, 2022, Daily TerraUSD (UST) trading volume history up until March 22, 2022, Biggest Terra (LUNA) exchanges based on 24h volume on March 24, 2022, Biggest TerraUSD (UST) exchanges based on 24h volume on March 24, 2022, Terra (LUNA) Sharpe ratio until March 23, 2022, TerraUSD (UST) circulating supply history up until July 7, 2022, Top 20 cryptocurrencies with the most value being staked as of November 11, 2022, Terra (LUNA) largest staking pools as of March 24, 2022, Maximum/current supply of 100 cryptocurrencies worldwide as of February 21, 2023, Monthly market share of 16 different crypto exchanges 2021-2023, Daily 24h volume of all crypto combined up until November 10, 2022, Solana (SOL) circulating supply history up until November 10, 2022, Quarterly number of crypto users in Germany 2021-2022, Quarterly number of crypto users in the U.S. 2021-2022, Quarterly number of crypto users in Mexico 2021-2022, Quarterly number of crypto users in Brazil 2021-2022, Quarterly number of crypto users in France 2021-2022, Quarterly number of crypto users in Italy 2021-2022, Quarterly number of crypto users in the UK 2021-2022, Information sources for cryptocurrency investing among users of Huobi 2022, Bitcoin (BTC) circulating supply history up until November 14, 2022, Crypto adoption in the U.S. as of November 2022, by age and gender, The 23 most popular crypto exchanges in the U.S. 2022, Weekly market cap of all cryptocurrencies combined up until February 2023, Top 100 crypto exchanges in the world based on 24h trade volume on November 14, 2022, Cardano (ADA) circulating supply history up until July 7, 2022, Find your information in our database containing over 20,000 reports. While Luna 2.0 is taking over as the main form of Luna, a separate coin - Luna Classic - still exists and could help to itch this burning desire. It was a hard lesson to learn. All transactions with the LUNC crypto, in those exchanges and platforms that have accepted it, are now taxed with a 1.2% tax that goes to the burning of the Terra Classic cryptocurrency. As of February 2023, more than two-thirds of LUNC burned has been sent to a dead wallet directly, while about a third has been burned via the transaction tax. In the aftermath, the original blockchain rebranded to Terra Classic (LUNC). Bridges - Axelar, Wormhole Here, it is to be noted that the burning strategy, isn't new. At least, that's what's supposed to happen. Therefore, it was decided that returning the burn rate to its previous level of 1.2% would be beneficial for the network. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Due to an exclusive announcement from the lead developer, who revealed that the network will be integrating with Interchain Station, a wallet that supports multiple chains. The second plan detailed splitting the blockchain via a hard fork. CoinCodex is a cryptocurrency data website that tracks 23334 cryptocurrencies trading on 418 exchanges and provides live crypto prices. trading LUNC. He remained in close contact with the Luna team ever since the partial Luna delisting on Binance. Save my name, email, and website in this browser for the next time I comment. Terra Station has a large install base, with million+ users across the world While data shows that some burn transactions were being carried out, they were largely insignificant when compared to how were being created. LUNC holders will hope burning helps push up the Luna Classic price. Which exchanges have agreed to burn 1.2% on Terra Luna Classic (LUNC)? All trading involves risks, so you must be cautious when entering the market. Luna Classic Burn: How Many LUNC Have Been Burned So Far? This move is aimed at decreasing the total number of tokens in circulation and ultimately benefiting the Terra Classic community. This is to ensure that small Luna holders have similar initial liquidity profiles. The original proposal, submitted by an anonymous community member, highlighted the reason for the motion, which is the recent significant decrease in the on-chain rate over the past 4 weeks. . This allows users to track the burn progress and get a better understanding of the burn mechanism. dokwon Table with the burning of Terra Luna Classic (LUNC) since the activation of the 1.2% burning tax in the transactions over the Terra Classic network. People are wondering: did Ripple lose the lawsuit with the SEC. We use cookies to make sure you can have the best experience on our site. In May 2022, Terra Money tragically collapsed. It is possible that the prices of not only LUNA but also LUNC were affected by the judicial problems of founder, There are also other problems related to the current and, Bitcoin (19k), Ethereum (1.3k), Matic Price Analyses. A Fanpage built by the Community, not affiliated with any protocol or DAO Terra Classic Luna investors have continued to support the project as they hope to make LUNC valuable again via a series of community efforts, including burns and staking. You can only download this statistic as a Premium user. LUNC is gaining traction in the community, but LUNA 2.0 is being left in the sand.As a community-led rehabilitation approach following the collapse of Terra/Luna, a Terra Luna burn may have been implemented. to burn LUNA since September 2021. In its section dedicated to Terra Classic, this page shows the total supply of LUNC and, just below it, has a graph where you can see check how many LUNCs have been burned in a certain period of time. Then you can access your favorite statistics via the star in the header. The Luna Classic burn chart also displays information about when and how many tokens were burned for each transaction. The community is now waiting for full integration of these proposals into the Luna Classic platform. Not everyone in the cryptocurrency community was in favour of a Luna burn. (The Truth EXPOSED!) 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff From a low of $0.00004 in early June, the token is now up by close to 600%, trading at $0.00029 as of press time at 11:48 UTC. Do Kwon, however, had long since moved to Singapore, but apparently then fled to Dubai to escape capture. ==== Amendment #1 ====. These include algorithmic buybacks that are triggered when certain conditions are met, such as when the price goes above a predetermined level. Pre-attack Luna holders distribution - for all holders with a snapshot balance of 10k Luna or less, 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 mnth cliff. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ". Find the latest news about cryptocurrencies, the best tutorials and, if you want to know us better, take a look at our About us page. The worlds longest-running cryptocurrency exchange since 2011 2011-2023 BTCC.com. Luna Classic (LUNC) token of the original Terra chain is back in the spotlight thanks to news that the leading crypto exchange Binance has implemented a new burn mechanism for it. As for the new Terra project, there is the big unknown of how it can evolve without Do Kwons key contribution. As of now, 8 validators have voted, with 7 voting in favor and 1 against the proposal. As a result, LUNC price plummeted from over $100 in April to less than 1 cent about a month later. To the upside, the first target to look for would be the high from October 2 of $0.00037, after which further upside towards $0.0006 could be in the cards. Yeah, thats Trillion with a capital T. LUNA lost 99.99% of its Yeah, thats Trillion with a capital T. LUNA lost 99.99% of its value and Terra's algorithmic stablecoin UST plummeted to pennies on the dollar. Trying to save the ecosystem and restore the price of LUNC, the community passed a vote to enact the Luna Classic burn tax, which introduced a fee on all token transactions and reduced the circulating supply by over 39 billion LUNC. For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter The numbers provided here pre-date this change, and therefore refer to this 1.0 version. Source. Can It Work? Although the exact date of integration is not yet certain, the community expects it to be completed within the months of August or September. When Binance first announced its token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. support of the Terra community, Binance decided to donate all LUNC trading fees to the burn. Since the Terra blowout, several proposals were made by the community to increase burns and inflate the value of LUNA tokens. LUNC sent to the burn address comes in a variety of forms, but most notably is Binance. Staking derivative - Stader, Lido, STEAK, PRISM This as most cryptocurrencies saw minimal gains. 069336 LUNC 9,800,590,920. 897698 xUSTC Total supply 6,625,007,029,657. The potential for further financial strain is anticipated to be intensified by Binance's choice to decrease its token burning practices. The 24-hour volume of. Accommodations will be made for apps where TVL is not applicable. As a result of Terra Luna Classic community approving Core Developer Edward Kim's "Upgrade v1.1.0" proposal, the Binance LUNC burn protocol has been resumed. Terra (LUNA) Community Approves Proposal To Burn 1.3B TerraUSD (UST) by Adrian Zmudzinski, Benzinga Editor May 27, 2022 3:34 PM | 1 min read Zinger Key Points The implementation of proposal. All of the details, Fight Out crypto project earns about $3 million in pre-sales, The Sandbox: number of events and games in the metaverse grow, Paris Hilton will launch her own dating app in The Sandbox metaverse, Al Generative Art, the new art form generated by artificial intelligence algorithms, BookDrop NFT Joshua Davis CryptoArt Monograph by The NFT Magazine | Curated by Ronnie K. Pirovino, Opportunities for Artists from The NFT Magazine on Nifty Gateway, Hivearium NFT: artist Roberto Giavarini exhibits at Ceribelli Gallery, Crypto news: here comes Bluesky, the decentralized alternative to Twitter, The Annual Report of the Revolut app: surpassed 100 million in EBITDA and more, Microsoft stock pushed by tests on Robots, Revolut announces Ultra: the new exclusive subscription plan for customers. Past . Terra Luna Classic Burn: Community Efforts to Burn LUNC Continue! Additionally, users can use the burn rate calculator available on the website to calculate how much LUNC will be burned for trades of any amount. Like many, I lost big during the Terra collapse. But UST has now lost its peg ratio, and currently trades at $0.1303 as of 11am, as per Coinmarketcap data. It was built as a passion project to help quantify and track the burn. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains. In recent updates, the software has undergone several updates and rollbacks, with the most recent version being v0.5.21. Developer Mining Program. For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter Some top cryptocurrency exchanges have already announced that, they will support the proposal once it goes live on September 20, 2022, John Richmond Planning to Design SHIB-Themed Apparels for Shiba Inu Metaverse, Address Dormant For 2 Years Sends 68B Shiba Inu To Voyager, BabyDoge Burns 1 Quadrillion Tokens in One Transaction, Relist XRP Trends as Coinbase Launches Crypto Advocacy Campaign, Uphold Responds, Shiba Inu Announces Its Exhibition Date for Upcoming SXSW 2023 Festival, Fidelity Set to Launch Dedicated Bitcoin and Crypto Platform, Shiba Inu Lead Developer Reacts As Shibarium Gets New Support. 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff Only transactions that happen on chain can be taxed. An example to illustrate how this works: If a transaction is made to acquire 2 million units of Luna Classic, a 1.2% fee will be applied, which equates to a total of 24,000 Luna Classic tokens. In a similar development, 27,337,229 (27.3) LUNC tokens were burned on Sep 18, with the tokens worth around $7,914. Read below to find out what it is and whether it can work? following types: On the LUNA Classic chain, there is an official wallet address that will automatically burn any The new proposal suggests allocating 50% of the burned tokens to the community fund of Terra Classic, rather than 10% of newly minted LUNC. As for Terra Classic, it seems impossible for the new team to rebuild everything that was lost with the May implosion. October 5, 2022. Reporting the future.The latest news about Bitcoin, ICO, trading, blockchain and fintech. The number of tokens that are burned is relative to the number of tokens in circulation. The next burn is scheduled for Tuesday, October 11, at 00:00 UTC. LUNC, the former LUNA, doubled its price in a week in anticipation of a new supply burn regime. When all was said and done, LUNCs circulating supply increased from less than 400 million to over 6.5 trillion in a matter of 72 hours. 96 Million Terra Classic (LUNC) Burnt In One Transaction, Nearly 150 Million On The Weekend. Where can you see real time the burning of the Terra Classic network? The price of Terra Luna Classic (LUNC) is $0.000161270927 today with a 24-hour trading volume of $46,288,702. It is worth mentioning, however, that different aggregators report different data regarding the actual circulating supply, so this figure is not to be taken with certainty. Therefore, Luna has the ability to capture value from the use of . Chart. Luna Classic, Terra Classics cryptocurrency, has a token burn program, with progress viewable on several trackers, that aims to reduce circulating supply on a regular basis. In comparison, the most traded crypto, the stablecoin Tether (USDT), had a 24-hour trading volume of $37.33 billion. But to no avail. It will be interesting to see how this number changes over time. Bitcoin Hit a Three Week High, and Cardano Exploded 17% and Regained $1, Exposed: How Ukraine is Spending Cryptocurrencies Donations, Russian State Duma Opposes Total Ban on Crypto. The thing is, Lunas total supply continues to increase. After the collapse of Terra Luna, Do Kwon came up with a plan to restore the ecosystem. In fact, he is wanted by police in South Korea, his home country, who would like to arrest him. Criptokio.com is a website about Bitcoin, altcoins, blockchain and the crypto world in general founded in 2021. Luna (LUNA) price is up 0.120000% in the last 24 hours. TerraUSD, Terra's native stablecoin, is backed by LUNA. 6,869,510,666,331. However, support to the downside exists around the $0.00025 area, as well as around the September 26 low of $0.00018. The idea behind this is to decrease the overall supply of Luna Classic, thus increasing the demand and value of the remaining tokens. Analytics - Coinhall, Flipside The entire list of the other essential Terra tokens can be seen here. ; The network has been struggling since its launch in late May. 27,337,229 #LUNC ($7,914) burned! Well, that isnt the case. Due to systemic hyper-inflation, LUNA supply went from a The official LUNC burn wallet address is: The Terra ecosystem and its community are worth preserving. This allows users to keep track of the current state of Luna Classic tokens and their deflationary nature. //

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