The effort of the community to reduce the LUNC total supply has not ceased. The LUNC community runs both the burning and staking of LUNC concurrently.
In a recent tweet shared by LUNC staking, over 629 billion LUNC has been staked so far, representing 10.237% of the total supply and also representing a 63 billion increase over the last six days.
Staked LUNC On the Increase
It was recently reported by Cryptolifedigital, that the total staked LUNC surpassed 566 billion and also a couple of days ago, KuCoin staked a whopping 50 billion LUNC according to data from Smart Stake Analytics. The reason for the move currently remains unclear.
It is worth noting that resuming staking was one of the first moves made by the LUNC community after assuming control of the network as they chart a path to recovery following the Terra ecosystem collapse in May. Staked LUNC attracts up to 37.8% in rewards and is locked for 21 days. There is no minimum limit placed on deposits.
It is no news that the LUNC 1.2% tax burn proposal came live on 20 September 2022 and before the proposal came to live a lot of exchanges have added their support for it.
LUNC 1.2% Tax Burn Is Designed To Reduce LUNC Total Supply
The proposal was designed to reduce the total supply of 6.9 trillion LUNC to a minimum of 10 billion which could take a decade to achieve according to data from some analysts.
MEXC Global, one of the exchanges that support the proposal concluded its 14-day LUNC burning on LUNC trading pairs with over 466 million on 17th September 2022.
It is worth noting also that over 100 million LUNC has been burned so far. LUNC is trading at the $0.0002734 price point, 0.37% down in the last 24 hours.