The rate at which the LUNC tokens are being burned in the Terra Classic network has been so much encouraging, a total of 16,455,507 (16.4M) tokens in one fell swoop was burned by Cremation Coin, marking the second-largest single transaction seen this year after the Terra Casino burn of 18M+ tokens on New Year’s Day.
Cremation Coin Burns Over 16 Million LUNC
As stated by the Cremation Coin noted on its handle earlier today, saying that the move is a commendable one but they feel they can do better. Moreover, data from Terra Finder suggests that the burn occurred today at 2:57 (UTC), with the memo “Cremation Coin Burn.”
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It is worth noting that the Cremation Coin has been a zealous burner of the LUNC token as it has set on fire over 28 million LUNC, which would have already made it the 19th largest burner if its wallet had been added by LUNC Penguins.
Furthermore, the token dubbed Cremation Coin came live on the Binance Smart Chain with the agenda to help tokens with massive circulation by contributing to their burning processes.
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According to the team behind the project, they have chosen to start with Terra Classic and will move to another token once they have reached their LUNC burn target.
The key agenda of Cremation Coin is to set every 10% of the project’s total transaction volume in LUNC on fire every week.
More also, the token made mentioned his plans to launch staking soon, with rewards in CREMAT, the project’s native token, and LUNC.
As stated by the analysis, the Cremation Coin’s total burns sit at over 19 million tokens having four days left to go and also TerRarity, a blockchain analytics tool said that over 38 billion LUNC tokens since the burn initiative commenced.
Massive burns over the last weekend
Over the last weekend, the Terra Classic (LUNC) recorded massive burns in its network as over 5 million tokens were incinerated during earlier today, the analysis revealed that the validators LUNC DAO and Luna Station 88 accounted for about 90% of the recent total burns.