In a recent development shared via the official handle of the TerraCasino, said that it has just burnt a total of one million LUNC as a token of its contribution towards the 0.2% burn rate previously promised to the community.
TerraCasino Burns Its First 1M LUNC
Notably, the betting platform recently updated its commitment to the burning proposal designed by the developers behind the Terra Classic network. At the moment, Casino has incinerated a total of the first 1 million LUNC tokens burnt. The 1M burn attainment was reached after four days of continual incineration. The platform also touted an interesting upcoming event for the community.
“Woo hoo, we’ve just burnt our first million #LUNC.
And in only four days… And there’s a fab surprise coming to
Thanks all who’s helping out,” Terra Casino disclosed in a tweet Friday as it shared a dashboard that revealed a burn achievement of 1,096,015 LUNC.
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There have been a series of exciting moods in the community following the Casino’s burn. For instance, Rex “Rexzy” Harrison, Head of Development at TerraCVita commented on the development, stating the potential heights the platform could reach from LUNC burns if they get enough support from the community. Rexzy also pointed out that its 1M LUNC burns apply only to on-chain deposits and withdrawals.
Rexzy noted; “Wow, TerraCasino_io soon got to 1m #LUNC burned, and this is just deposit and withdrawals on the chain.
And he also said The more we support them, the more they burn,”
The massive burn initiated by the Terracasino has been a point of discussion in the Terra classic community. While some are applauding the effort put in place by Casino, others are criticizing it, saying that the burn is low and also the inability to confirm the integrity of its burn claim on the blockchain. At the time the burning was initiated, the total burn of 1,096,015 LUNC was worth $176 against the prevailing rate.
It is worth noting that the initiative came alive last week Thursday when TerraCVita confirmed that it has the potential to burn up to 26B in six months and a few days after this, a controversy set in as another betting platform dubbed TerraCasino.money made accusations, claiming that Rexzy stole their launch and vendor partners.
The whole effort of the Terra Classic community has been blatantly pointing to the further reduction of the LUNC token from its updated circulating supply of 5.999T.