In a remarkable display of community coordination and commitment, the Terra Luna Classic (LUNC) burn campaign has achieved a monumental milestone, surpassing 95 billion LUNC tokens burned. This collective effort involves crypto exchanges, validators, projects, and dedicated community members who have driven the campaign forward.
The campaign’s success is underscored by the weekly average burn rate of 600 million LUNC tokens, marking a substantial increase since November. Leading the charge in this endeavour is Binance, which has contributed over 51% to the total LUNC burn through its monthly burn mechanism. In its latest move, Binance incinerated a staggering 5.57 billion LUNC tokens in the 17th batch of its burn mechanism, bringing its total contributions to nearly 50 billion LUNC tokens.
Despite the significant progress, the community acknowledges the need further to enhance utility, funding, and chain developments to sustain and accelerate the LUNC burn rate. To this end, efforts are underway to burn idle USTC and LUNC tokens held in other protocols, although a clearer directive is sought to guide these initiatives effectively.
The positive momentum generated by the burning campaign has also translated into price rallies for LUNC and USTC tokens. LUNC’s price surged by over 8% in the past 24 hours, currently trading at $0.0001012, with a trading volume spike of 100%, indicative of heightened trader interest. Similarly, USTC witnessed an impressive 11% surge, reaching $0.02652, amidst a broader market recovery following the monthly expiry.
Additionally, the liquidation of LUNC, 1000LUNC, and LUNA shorts over the last 24 hours has contributed to the upward trajectory of these tokens, further fueling optimism within the community.
Stakeholders remain committed to driving continued growth and development within the Terra Luna Classic ecosystem. With a focus on enhancing utility, fostering innovation, and expanding community engagement, the journey towards further milestones in the burn campaign and beyond promises to be both exciting and rewarding for all involved.