Tota Burned LUNC Stands At 3.08 Billion As 1.2% Burn Proposal Is Duly Followed
The LUNCARMY has resumed their activities with full force as the number of tokens burned now hit over 3 Billion LUNC. The good news was revealed on the LUNC Burn’s Twitter handle in the course of analyzing the volume traded in the last 24 hours.
According to the tweet, the LUNC volume traded in the last 24 hours is $157 million and per the 1.2% burning proposal which was passed some month ago which says 1.2% of transactions in the community will be burned to maintain the price of the token.
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As reported by the LUNC Burn; “Total burned LUNC stands at 3,080 billion. The volume traded in the last 24hrs is $157m, 1.2% of that is $1.88m at these prices and volume we would have burned 14.6b LUNC.”
How Does The 1.2% Burn Proposal Come Into Existence?
Following the May Terra crash which resulted in the creation of a new chain and renaming of the old token as Terra classic (LUNC), a large number of community members clamoured for a massive burn of LUNA tokens. Even the CEO of Binance exchange, Changpeng Zhao (CZ), advised Do Kwon and his team to opt for LUNA’s massive burn.
The Terraform Labs CEO refuted their advice of setting out for a massive burn of the new token, LUNA 2.0 saying initiating a burn will be of no help to the price.
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In the course of creating the new token, LUNA 2.0, the community organize massive airdropping of the users while LUNC holders stick to their tokens. Not too long after the release of the new token, LUNC holders passed a 1.2% burn proposal which was supported by a greater percentage of the community. The proposal says 1.2 of the token transacted will be burned.
Also, it was mentioned in the proposal that the burning will continue until the amount of LUNC is reduced to 10 billion.
Binance Adds Support For LUNC
In another announcement, it says Binance, the largest cryptocurrency exchange by trading volume has announced its support for the upcoming LUNC network upgrade.
As stated by the announcement, Terra Classic (LUNC) network upgrade will take place at the block height of 9,109,990, or approximately at 2022-08-26 22:00 (UTC).
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