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. As soon as this statistic is updated, you will immediately be notified via e-mail. Bitcoin Beach: the wallet project born in El Salvador expands. Your email address will not be published. When Binance firstannouncedits token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. Until May 2021, sentiment about the Terra-Luna project was very positive, but after the implosion, it became heavily negative. "Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022." 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. At least, that's what's supposed to happen. "Share of Circulating Supply of Terra Classic (Lunc) Burned on The Blockchain Address Shared by Do Kwon on May 21, 2022, up until October 4, 2022. Please create an employee account to be able to mark statistics as favorites. It is worth noting that the rate of Luna Classic token burns decreased after proposal 5234 was enacted, which reduced tax burn from 1.2% to 0.2%. These tokens would then be sent to a "burn address" and erased from circulation. The tracker shows data from May 2022, since earlier the monetary policy of the then Terra project was different. Hence, he asked members of the community to incentivise the networks security in line with the native crypto tokens inflation, which should be targeted at 7 per cent per annum. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. To make this a reality, investors have increased the rate at which they are burning LUNC tokens, with tens However, the Terra Classic community ultimately decided to move forward with the new proposal, with 39 out of 42 transaction verifiers approving it. Terra investors continue to burn LUNC tokens. Staking derivatives included [Online]. But there are several key risks to watch out for, since most of these measures will take some time to actually materialise. Here, it is to be noted that the burning strategy, isn't new. https://t.co/nx9poA1RMm #LunaBurn #BurnLuna. The upgrade, dubbed the Terra Classic network, has been live since February 25th, 2023, and is expected to improve the overall stability and security of the Terra ecosystem. The token is the 10th most traded crypto in terms of trading volume over the last 24 hours, at $363.4 million. By burning the Luna, holders hoped this will increase the scarcity of their coins, pushing the price back towards $1. Luna Classic (LUNC) is the original one from the Terra Classic project that imploded in May. Past Year of Developer Activity All repos Sources Forks Core only The official LUNC burn wallet address is: Any amount helps! Yesterday, February 9, the LUNC burning tax made it possible to destroy 68,683,935 LUNC crypto. finder.terra.money/classic/tx/AE4 #LunaBurn #BurnLuna 3 29 153 In fact, he is wanted by police in South Korea, his home country, who would like to arrest him. All tokens locked or vesting are staked at genesis, and must be unbonded to become liquid. For wallets with < 10k Luna: 30% unlocked at genesis; 70% vested over 2 years with 6mnth cliff This means that when a transaction occurs on the blockchain, tokens are burned automatically. Distribution Mechanism: The new token LUNA will be airdropped (i.e., given for free) to all those who stake i.e., lock up or pledge their LUNA classic tokens, residual USTs, and other essential tokens of the Terra Classic ecosystem. ==== Amendment #1 ====. Binance is said to have burned 13.7 billion LUNC tokens in October 2022, which accounts for about a third of the total tokens burned so far. 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. The Luna Classic burn mechanism works by automatically burning tokens whenever a transaction occurs on the network. Terra Luna Classic price has increased by almost 60% in the last few days. Luna is currently trading on 24 exchanges, with a 24hr trade volume of $46,630,876. This ensures that the total supply of tokens is constantly decreasing, thus increasing their value over time. value and Terra's algorithmic stablecoin UST plummeted to pennies on the dollar. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Research expert covering finance, insurance & real-estate, internet & e-commerce, Profit from additional features with an Employee Account. In May 2022, Terra Money tragically collapsed. Each referral code includes This represents a -0.50% price decline in the last 24 hours and a -4.00% price decline in the past 7 days. Terra Validators Delegate to Smart Stake Total Stake ($LUNA) 524,019,340 Staking APR / APY (%) 14.5963/15.7 Percent Staked 49.20% Pending Undelegations (1/7 days/ all) 282.4k/6.7m/12.0m ** Staking APR is based on inflation, block rate, 0% commission, and does not reflect transaction fees. Much like the success of Shiba Inu burns among the SHIB community, will holders be successful at implementing Luna burns? You need at least a Starter Account to use this feature. The Shibarium Public Beta Is Just Around The Corner. One of the key players in this burn program is Binance. Create a new Terra chain without the algorithmic stablecoin. 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. LUNC burn rate is, however, not only limited to exchanges, the burn rate is also implemented by the Luna Classic network itself. support of the Terra community, Binance decided to donate all LUNC trading fees to the burn. Please do not hesitate to contact me. The Terra Luna Burner v0.0.2 to the moon, max deving, better believe it! This new chain will launch with 1 billion Luna, a huge decrease from 6.5 trillion. Click here to read more about the LFG reserve. With so much momentum and focus around rebuilding LUNC, there could be great financial opportunities by Terra Luna Classic Burn: Terra Classic Aims for $0.000123 as Terra Community Burns LUNC, CelsiusNetwork Bankruptcy: A Timelineof the Crypto Lenders Crash. So far, in five months, only 22.7 million tokens have been burned, or only 0.33% of the total. If my work helps you, consider a small donation. And it helps keep this site Even though the Luna 2.0 crypto exchange list grows, some exchanges previously vowed to burn Luna through their transaction fees. The partnership between Google Cloud and crypto project Casper Labs. 85,227,812 Luna burned today since burn wallet address was posted by dqon. Available: https://www.statista.com/statistics/1317271/luna-burn-rate/, Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022, Available to download in PNG, PDF, XLS format, TerraClassicUSD USTC/USD price history up until October 20, 2022, 10-day Terra LUNA/USD realized volatility until May 12, 2022, Daily Terra Classic (LUNC) market cap history up until August 2, 2022, Daily TerraClassicUSD (USTC) market cap history up until August 2, 2022, Market cap of 120 crypto - incl stablecoin, NFT, DeFi, metaverse - in November 2022, Terra Classic (LUNC) dominance history up until July 7, 2022, TerraClassicUSD (USTC) dominance history up until July 7, 2022, Market dominance of 12 cryptocurrencies on November 15, 2022, Terra (LUNA) daily transaction volume up until March 23, 2022, Monthly active Terra (LUNA) addresses 2021-2022, Terra (LUNA) gas price history up until March 23, 2022, Transaction speed ranking of 69 crypto - including DeFi and metaverse - in 2022, Daily Terra (LUNA) trading volume history up until May 16, 2022, Daily TerraUSD (UST) trading volume history up until March 22, 2022, Biggest Terra (LUNA) exchanges based on 24h volume on March 24, 2022, Biggest TerraUSD (UST) exchanges based on 24h volume on March 24, 2022, Terra (LUNA) Sharpe ratio until March 23, 2022, TerraUSD (UST) circulating supply history up until July 7, 2022, Top 20 cryptocurrencies with the most value being staked as of November 11, 2022, Terra (LUNA) largest staking pools as of March 24, 2022, Maximum/current supply of 100 cryptocurrencies worldwide as of February 21, 2023, Monthly market share of 16 different crypto exchanges 2021-2023, Daily 24h volume of all crypto combined up until November 10, 2022, Solana (SOL) circulating supply history up until November 10, 2022, Quarterly number of crypto users in Germany 2021-2022, Quarterly number of crypto users in the U.S. 2021-2022, Quarterly number of crypto users in Mexico 2021-2022, Quarterly number of crypto users in Brazil 2021-2022, Quarterly number of crypto users in France 2021-2022, Quarterly number of crypto users in Italy 2021-2022, Quarterly number of crypto users in the UK 2021-2022, Information sources for cryptocurrency investing among users of Huobi 2022, Bitcoin (BTC) circulating supply history up until November 14, 2022, Crypto adoption in the U.S. as of November 2022, by age and gender, The 23 most popular crypto exchanges in the U.S. 2022, Weekly market cap of all cryptocurrencies combined up until February 2023, Top 100 crypto exchanges in the world based on 24h trade volume on November 14, 2022, Cardano (ADA) circulating supply history up until July 7, 2022, Find your information in our database containing over 20,000 reports. As for Terra Classic, it seems impossible for the new team to rebuild everything that was lost with the May implosion. It did, technically, have the same effect as a burn could in reducing the supply, although deciding to restart the chain was a more nuclear approach. Dex - Astroport, Loop, Terraswap, Pheonix to burn LUNA since September 2021. As investors continued to bet against LUNA and UST, Do Kwon attempted to save the sinking ship by proposing two recovery plans. Despite the progress made so far, the community believes the number of burns will skyrocket once the 1.2% tax burn is implemented for all LUNC on-chain transactions. Yeah, thats Trillion with a capital T. LUNA lost 99.99% of its The idea behind this is to decrease the overall supply of Luna Classic, thus increasing the demand and value of the remaining tokens. Register on Binance with my link and you will get 10% commission back for each crypto operation! 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. Terra chain is a proof-of-stake blockchain powered by the Cosmos SDK and secured by Tendermint consensus. 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff It did, technically, have the same effect as a burn could in reducing the supply, although deciding to restart the chain was a more nuclear approach. In the past few weeks, there has been a considerable gain in Fantom (FTM), which has resulted in the market cap reaching approximately $1.3 billion at press time. Looking forward, its difficult to predict where the next short-term move will be, given that the relative strength index (RSI) is now in neutral territory. ", Statista, Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022 Statista, https://www.statista.com/statistics/1317271/luna-burn-rate/ (last visited March 02, 2023), Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022 [Graph], Statista, October 5, 2022. Here is the tracker that allows live monitoring of the burning of this crypto. ad-free. The Terra Classic (LUNC) project has passed a proposal to introduce a 1.2% 'tax burn' to all on-chain transactions. Launchpad - StarTerra The results showed that it was possible, to burn a mass of 1.6 billion tokens with on-chain transactions in only one day. In other words, the burn program is proceeding very slowly, so much so that the price of LUNC since the peak in early September has been falling almost steadily. 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff A 20-year trader share his ways to profit, How to buy, sell and create NFTs on OpenSea. The bigquestion now is how high LUNC price will go following the next LUNCburn. Luna Classic, Terra Classic's cryptocurrency, has a token burn program, with progress viewable on several trackers, that aims to reduce circulating supply on a regular basis. The recent launch of the Luna Classic and its community-driven development initiative have brought forth proposals 3568 and 4059 which have been passed with an overwhelming 99% approval from validators. Pi Network Mainnet: When Is Pi Coin Launching? Stablecoins - USDT / USDC bridged over Stay updated on all the news concerning cryptocurrencies and the whole world of the blockchain. Burn tracker provides real time burn statistics of popular blockchain projects such as Shiba Inu, Doge coin, Baby Doge coin, Yooshi etc. The worlds longest-running cryptocurrency exchange since 2011 2011-2023 BTCC.com. Terras app ecosystem contains hundreds of developers working on everything from defi to fungible labor markets, state-of-the-art infrastructure and community experience The Will the LUNC burn tax manage to reign in the hyperinflated supply? Despite the Terra Luna vote approving a new chain, much of the Luna community seemed in favour of a burn. donations are made by LUNC validators and community members. Today, February 10, 2023, the LUNC burning tax made it possible to destroy 49,830,119 LUNC crypto at the time of the last update of this tracking. and others. Is it a scam? For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter The figure spiked from 342 Million to its press-time value of 6.53 Trillion in just a single week. Community pool: 30% Terra Classic is down 0.37% in the last 24 hours. Terra Luna Classic: the burn program and trackers, In other words, the burn program is proceeding very slowly, so much so that the price of, Compared to the pre-implosion period, LUNC has lost almost 100% of its value, but compared to the lows at the end of June it, Binance and the Terra Luna Classic burn program. Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Where can you see real time the burning of the Terra Classic network? All bonded / unbonding Luna, minus TFL at Pre-attack snapshot; staking derivatives included 11 February, 2023 - 10:03 Editor: Jakub Motyka. But that plan failed, and hence, this new revival plan is now being put to use. Both of these prices are far below where they were at the beginning of May - when the former Luna . Exchange integration, dapp migration, and validator guides have been added to Technical Details. Essential app developers looking to join for emergency allocation should signal public support for the net network on Twitter and social channels. While UST has been the central narrative of Terras growth story over the last year, the distribution of UST has led to the development of one of the strongest developer ecosystems in crypto. It costs you nothing. May 22, 2022 - Posted in terraluna by luna Do Kwon has given the community the official address for burning $LUNA The price has already gone up 70%+ in one hour as the community has decided to start burning the tokens. LUNC holders will hope burning helps push up the Luna Classic price. 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. When Binance first announced its token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. 22h Burn alert! 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 The Terra Classic community is planning to start burning more LUNCbut traders should be careful they don't get burned themselves. In fact, in just a few days, it went from 0.76 billion to 6.9 trillion tokens in circulation, and this literally imploded their price. The Luna Classic team has also developed a series of other mechanisms to increase the scarcity of their tokens. The exact distribution mechanism of this 1 billion tokens can be read here. Some top cryptocurrency exchanges have already announced that, they will support the proposal once it goes live on September 20, 2022, John Richmond Planning to Design SHIB-Themed Apparels for Shiba Inu Metaverse, Address Dormant For 2 Years Sends 68B Shiba Inu To Voyager, BabyDoge Burns 1 Quadrillion Tokens in One Transaction, Relist XRP Trends as Coinbase Launches Crypto Advocacy Campaign, Uphold Responds, Shiba Inu Announces Its Exhibition Date for Upcoming SXSW 2023 Festival, Fidelity Set to Launch Dedicated Bitcoin and Crypto Platform, Shiba Inu Lead Developer Reacts As Shibarium Gets New Support. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Do Kwon has given the community the official address for burning $LUNA This move is aimed at decreasing the total number of tokens in circulation and ultimately benefiting the Terra Classic community. 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. Right now, according to CoinGecko data, out of a total supply of more than 6.9 trillion LUNC tokens there are more than 6.880 billion in circulation. While Luna 2.0 is taking over as the main form of Luna, a separate coin - Luna Classic - still exists and could help to itch this burning desire. APY assumes weekly auto compounding (manual/automated). Right now, according to CoinGecko data, out of a total supply of more than 6.9 trillion LUNC tokens there are more than 6.880 billion in circulation. Since then a burn program has been initiated, but it is proceeding very slowly. "Once again, we don't have that kind of money," he said. As highlighted by LUNC Burn, an unofficial Twitter account tracking LUNC burn activity, hours before the burn went live, about 4.1 billion LUNC had been burned without the parameter change. 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