11 February, 2023 - 10:03 Editor: Jakub Motyka. Much like the success of Shiba Inu burns among the SHIB community, will holders be successful at implementing Luna burns? The Terra Rebels are now working diligently to implement these updates to the Luna Classic platform, with Proposal 3568 aiming to decrease the overall supply of Luna Classic by implementing a transaction-based burner tax and Proposal 4059 focused on reintroducing the staking functionalities to the platform, both of which are expected to have a positive impact. Moreover, during the current long bear market projects like these are really struggling to find new investors who are willing to buy the tokens in the hope that they might be worth more in the future. 2Bit Crypto June 19, 2022 13 Less than a minute 789 BitTorrent - BTT 751 Gemini 750 NEAR Protocol - NEAR 738 Stellar - XLM 734 BakeryToken - Bake Coin 730 Holo - HOT 730 MetaPets - MetaPets Token 711 Ethereum Classic - ETC 699 1inch - 1INCH 698 DAO Maker - DAO 697 Therefore, it was decided that returning the burn rate to its previous level of 1.2% would be beneficial for the network. Please create an employee account to be able to mark statistics as favorites. The Crypto exchange Binance said it supports the Terra Classic network upgrade v1.1 . There are several ways to burn tokens, and everyone can participate to the party. For example, at the time of writing this news today, September 21, in the last 24 hours more than 14 million LUNC have been burned, which is equivalent to about 4,000 dollars in Terra Luna Classic tokens that have been destroyed to decrease the total supply. Can It Work? Welcome to #LUNCdash.com NOT FINANCIAL ADVICE! CoinCodex is a cryptocurrency data website that tracks 23334 cryptocurrencies trading on 418 exchanges and provides live crypto prices. donations are made by LUNC validators and community members. However, it still needs to be waited for another 10 days for the Terra Foundation to respond and take over the code. The official LUNC burn wallet address is: Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. LUNA sent to Terra address "terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu"; No supply figures were provided for LUNC during the summer of 2022. After USTC lost its $1 peg in May, the supply of LUNC increased drastically, trying to restore the peg. This decision was met with a significant majority, with 82% of voters for the proposal. (The Truth EXPOSED!) 2% increase. Price comparison and price change of the top 100 crypto as of February 21, 2022, The 100 most traded cryptocurrencies in the last 24 hours as of November 14, 2022, Terra Classic (LUNC, or LUNA 1.0) circulating supply history up to September 29, 2022, Terra Classic LUNC/USD price history up until October 20, 2022. UST or LUNA on Terra protocols that cannot be easily identified Over 39 billion LUNC have been burned so far, according to the Luna Classic burn tracker. through links on our site, we may earn an affiliate commission. The Terra blockchain network is powered by cryptocurrencies such as LUNA and UST. The second plan detailed splitting the blockchain via a hard fork. Developer Mining Program (8% of total supply): Essential app developers earn a share of the mining program proceeds pro-rata to the amount of TVL every quarter for 4 years. The partnership between Google Cloud and crypto project Casper Labs. Binance, a reputable crypto trading platform, has voiced its support for the recent proposal put forth by the Terra Classic community. Post-attack snapshot to be taken at Terra Classic block 7790000 (2022.05.27 03:59:51+08:00) The number of tokens that are burned is relative to the number of tokens in circulation. This makes up just making up just 0.055% of the circulating supply. No reason was provided why this was the case. Since then a burn program has been initiated, but it is proceeding very slowly. Decentralized Lending Risk Management; Lessons Learned with Compound Labs, 2023 CMC Crypto Playbook: How DEXs Can Surpass CEXs by Uniswap Labs, Uniswap: debate over a16z's "heavy" vote in DEX governance, The futuristic forecasts regarding decentralized finance (DeFi), Neal Stephenson critical about future adoption of metaverse: it will be very difficult, Bored Ape's Yuga Labs announces TwelveFold, the first NFT project on Bitcoin, 2023 CMC Crypto Playbook: Blockchain Gaming What Lies Ahead by Naavik, Crypto news: Calvaria card game available on exchanges. This initially seemed to be the method favoured by Binance CEO CZ. Many users hope that the burn tax will be instrumental in helping LUNC recover to its former glory. M.Cap: 1,115,401,656,813.00 If you are wondering when is the next Luna Classic burn taking place, the answer is simple Luna Classic burn is an automatic, continuous process that is being carried out daily. Post-attack UST holders distribution - 20% 15%. Dogetti And XRP Have Interesting Updates The Market Can Look Forward To, Luna Classic should not be confused with Luna. However, Luna Classic should not be confused with Luna, because they are now two completely different and independent cryptocurrencies. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem. The old chain to be called Terra Classic (token Luna Classic - LUNC), and the new chain to be called Terra (token Luna - LUNA) Bitcoin Beach: the wallet project born in El Salvador expands. Past Year of Developer Activity All repos Sources Forks Core only 593348 USTC 956,519,610. Thus in the first four months the overall program burned only about one million tokens per month, while since the burn program was launched on Binance more than 18 million have been burned per month. When Binance firstannouncedits token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. From the ashes, two groups emerged: one led by Terra founder Do Kwon, trying to build a new LUNA chain [Online]. All protocols listed on DeFi Llama here (Terra TVL - DefiLlama 4.4k) will be covered, in addition to a few others that are known. Any amount helps! With over 71.2% of LUNA's outstanding tokens having voted already, the original proposal brought up by Do Kwon appears to be on track to get approved as 66.2% of the votes have favored the fork . The community awaiting a response from Binance finally received the support announcement later on February 28. However, the Terra Classic community ultimately decided to move forward with the new proposal, with 39 out of 42 transaction verifiers approving it. Click here to read more about the LFG reserve. To the upside, the first target to look for would be the high from October 2 of $0.00037, after which further upside towards $0.0006 could be in the cards. Likewise, on the website in question there is also a graph below with the total supply of TerraClassicUSD (USTC), the Terra Classic stablecoin that turned out not to be as stable as thought, and the amount of tokens burned in each period of time. The web page that allows to track the burning of Terra Luna Classic (LUNC) live is called StakeBin. Currently, there are two mechanisms to burn LUNC: on-chain taxation, and donations sent to the 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff Register on Binance with my link and you will get 10% commission back for each crypto operation! Conversely, more LUNA is minted when UST's demand dips. Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. to incorporate the statistic into your presentation at any time. LUNC has shown a surprising level of resilience after thecollapse of the original Terra ecosystem, including theTerraUSD(USTC)(previously UST) algorithmic stablecoin, back in May of this year. In theory, the circulating supply should be more important than the total supply, but even in the case of LUNA the apparent reduction in circulating supply has not been good for the price. The Terra Classic community is planning to start burning more LUNCbut traders should be careful they don't get burned themselves. On the contrary, LUNAs circulating supply has increased by over 1.9 million percent after Do Kwon dropped his second recovery proposal last week. Essential app developers committing to launch on Terra will receive: Emergency allocation (0.5% of total supply): immediately after network launch to provide for runway while they build out product. (The Truth EXPOSED!) The new Luna, on the other hand, is the one born after the implosion with the new Terra project, which is why it is also called Luna 2.0. How many tokens have been burned already? The big question now is how high LUNC price will go following the next LUNC burn.. This is done in order to ensure that the total supply of tokens is constantly decreasing, thus increasing their value over time. And it helps keep this site As the Luna community continued to demand Luna burns, TFL CEO Do Kwon posted the Luna burn address on his Twitter, which seems to have kickstarted a burn movement. This move is aimed at decreasing the total number of tokens in circulation and ultimately benefiting the Terra Classic community. Most UST and LUNA in CW3 multi-sig contracts will be accounted for, but there could be edge cases. Analytics - Coinhall, Flipside Zero-Fee Trading on Bitcoin. and others. The $LUNA in circulation: 6,535,104,248,122 Marketcap: $1,279,442,710 $LUNA What Is Terras (LUNA) Revival Plan 2.0? Assets that may not be included: UST or LUNA bridged off of Terra When all was said and done, LUNCs circulating supply increased from less than 400 million to over 6.5 trillion in a matter of 72 hours. Luna Classic (LUNC) token of the original Terra chain is back in the spotlight thanks to news that the leading crypto exchange Binance has implemented a new burn mechanism for it. Statista. Use search engine; Visit some websites; Buying stuff; Or you can send your tokens to the dead wallet if you are in good mood ;) The ultimate guide, How Compound works for lending with cryptocurrencies, Crypto gadgets: new physical device for tracking cryptocurrencies. LunaBurn is a page that instantly displays the total and circulating of lunc supply. support of the Terra community, Binance decided to donate all LUNC trading fees to the burn. From a low of $0.00004 in early June, the token is now up by close to 600%, trading at $0.00029 as of press time at 11:48 UTC. January 2023, 15:25 CET Completely Burned Luna 38.117.624.552 0.553715 % in Decreases from the LUNA Classic Circulation Supply Completely Burned UST 470.469.147 4.791998 % in Decreases from the UST Classic Circulating Supply Bleeves Intro Song is NOW available for download in MP3 format at https://bleevescrypto.com/ New Inflation Rate: In the revival plan, Do Kwon said that the existing revenue streams wont be sufficient to cover the cost of security without increasing swap fees. This will be a living document to coordinate the new network launch with the community. All provided information without any warranty of being correct. However, with the Binance Luna 2.0 support, it seems Binance will not contribute to this burn. Luna (LUNA) is currently ranked as the #108 cryptocurrency by market cap. The Terra Rebels are now working diligently to implement these updates to the Luna Classic platform. Pre-attack LUNA holders: 35% A new revival plan dubbed 2.0 was shared by Terras founder, Do Kwon. Allocate a large portion of the token distribution in 1) providing emergency runway for existing Terra dapp developers 2) align interest of devs with the long term success of the ecosystem An example to illustrate how this works: If a transaction is made to acquire 2 million units of Luna Classic, a 1.2% fee will be applied, which equates to a total of 24,000 Luna Classic tokens. Taxing transactions on the terra chain currently accounts for of the total Terra (LUNA) Community Approves Proposal To Burn 1.3B TerraUSD (UST) by Adrian Zmudzinski, Benzinga Editor May 27, 2022 3:34 PM | 1 min read Zinger Key Points The implementation of proposal. While it is hard to imagine Luna Classic reaching $1 or even $0.10 given its current tokenomics (at $1, LUNC would have a market cap of over $5 trillion, which just isnt feasible), the price of LUNC is predicted to increase substantially in 2023, in large part thanks to Luna Classic burns. In fact, he is wanted by police in South Korea, his home country, who would like to arrest him. value and Terra's algorithmic stablecoin UST plummeted to pennies on the dollar. Show publisher information LUNA on the Classic chain was renamed to LUNC. Before the collapse, the original LUNA token traded as high as $120. // South Central Power Report Outage, Fran Beer, Articles T