Terra Classic Community Burns 210 Million LUNC Tokens In January

Terra classic community burned nearly 210 million lunc chips in January as part of pressure to increase combustion rate. Validators and projects running on the Terra Classic network commit to burn millions of LUNC tokens after crypto exchange Binance temporarily suspended its LUNC burn mechanism until March.

The total terra classic (lunc) chips burned by the community amounted to more than 38 billion lunc chips. In addition, the total LUNC chips involved amounted to nearly 903 billion, with a provisioning ratio of 13.14%.

The Terra Classic community successfully brings the LUNC to fruition. Burn Rate

The Terra Classic community focused on burning more Terra Classic tokens (LUNC) to make up for a decrease in burns in December. In addition, it suspended its moonburning mechanism until March and reduced the moonburning contributions from the negotiation costs to 50% rather than 100%.

Terra classic validator allnodes runs the account with more than 123 million lunc chips burned on January 1. recently, The high voting power of allnodes and the safeguarding of validator baselines through its node hosting service have raised concerns about the possibility of centralization. On Friday, Allnodes announced non-custodial node management for Cosmos-based networks.

The terracasino project burned more than 26 million lunc chips and the lunc dao validator contributed to more than 12 million lunc burns during January. It is tracked by happycattycrypto and luna station 88 with 9 million and 8.5 million lunic burns. Other community members and proponents have also been instrumental in increasing the rate of combustion.

Moreover, the community has passed Proposal 11310 introduced by Edward Kim to upgrade the blockchain from v1.0.4 to v1.0.5 and introduce codes to make future upgrades possible. It will bring back the binary combustion mechanism as well.

LUNC Price Waiting Move Beyond $0.00020.

Terra Classic attended an enormous rally during the week of early January. However, he failed the rally and dropped under $0,00015.

As of the writing of this report, the LUNC price is trading at $0.000169, down 3% over the past 24 hours. The 24-hour low and high of $0.0001677 and $0.0001776, respectively.

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