Will the LUNC burn tax manage to reign in the hyperinflated supply? Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains. 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. The entire list of the other essential Terra tokens can be seen here. A new revival plan dubbed 2.0 was shared by Terras founder, Do Kwon. Post-attack UST holders: 15% Go, champions, 2023 CMC: Global Crypto User Adoption Outlook with CZ, The Nemesis: interview with Poseidon DAO for the talk show in the metaverse, TradingView integrated into Bitget's crypto exchange. [CDATA[ Both of these prices are far below where they were at the beginning of May - when the former Luna . The primary tactic is to burn LUNC and remove it from circulation. A Fanpage built by the Community, not affiliated with any protocol or DAO The lost a huge portion of my savings. This proposal aims to finally integrate the staking and Lunc burner tax into the Luna Classic platform. terra1u9a6k9wrp6v07gz34vpuyq3tyzg47qagc8wkmn Luan Marketcap May 22, 2022 - Posted in terraluna by luna Terra investors continue to burn LUNC tokens. 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 However, according to CoinCheckup data, the circulating supply has shrunk from 210 million at the end of May to the current 125 million. 6,869,510,666,331. Where can you see real time the burning of the Terra Classic network? 1/ Terra governance prop #1623 to rename the existing network Terra Are LUNA burns impacting its price? 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. However, with the Binance Luna 2.0 support, it seems Binance will not contribute to this burn. Lending market - Mars, Edge Terra Classic is +0.01% in the last 24 hours. 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff On May 28, 2022, the creators behind LUNA released a 2.0 version of the cryptocurrency, whilst the "original" LUNA coin got rebranded into LUNC or Terra Classic. This move is aimed at decreasing the total number of tokens in circulation and ultimately benefiting the Terra Classic community. Terras app ecosystem contains hundreds of developers working on everything from defi to fungible labor markets, state-of-the-art infrastructure and community experience Terra Luna Classic Burn: Community Efforts to Burn LUNC Continue! In May 2022, Terra Money tragically collapsed. 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. 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. #Binance will implement a burn mechanism to burn all trading fees on $LUNC spot and margin trading pairs. 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff All provided information without any warranty of being correct. Since the Terra blowout, several proposals were made by the community to increase burns and inflate the value of LUNA tokens. The truth is that law enforcement does not know exactly where he is, and it seems quite likely that he is trying to escape capture by moving to places where the same law enforcement agencies are having difficulty finding him. LUNC is the native token of the Terra Classic blockchain, which imploded this May, wiping out $60 billion in market value; the project's algorithmic stablecoin lost its peg to the dollar, and LUNC, the token that was supposed to be its stabilizer, fell into hyperinflation. The proposal endeavors to compensate for the reduction in community funds by raising the transaction fees, thus sending more funds to the community pool. Your email address will not be published. Show publisher information Most UST and LUNA in CW3 multi-sig contracts will be accounted for, but there could be edge cases. 00 Token Coinbase Answers: Earn Free $3 00 Token Crypto. All trading involves risks, so you must be cautious when entering the market. Binance burn currently represents over 50% of total LUNC burn. (October 5, 2022). If you are going to burn your luna, convert it to UST and burn UST instead Reply Fit-Boomer . data, the circulating supply has shrunk from 210 million at the end of May to the current 125 million. Details are subject to change. This new chain will launch with 1 billion Luna, a huge decrease from 6.5 trillion. Proposal 4059 is focused on reintroducing the staking functionalities to the Luna Classic platform. So, in order to increase the supply of TerraUSD, LUNA tokens need to be burned. As a result of Terra Luna Classic community approving Core Developer Edward Kim's "Upgrade v1.1.0" proposal, the Binance LUNC burn protocol has been resumed. So at this time it is not surprising that both LUNC and LUNA perform poorly in the markets, partly because enthusiasm for them has now died down. Luna (LUNA) is currently ranked as the #108 cryptocurrency by market cap. NFT exchange - Randomearth, Knowhere, Oneplanet, Luart, Talis Proposal 3568, also known as the Lunc burner tax, is a system in which a transaction fee of 1.2% is applied to all transactions, whether depositing and buying or withdrawing and selling Luna Classic. Accessed March 02, 2023. https://www.statista.com/statistics/1317271/luna-burn-rate/, Statista. exchanges will join the burn. October 5, 2022. (The Truth EXPOSED!) TerraUSD, Terra's native stablecoin, is backed by LUNA. Additionally, there is a Luna burn rate calculator available on the website, which can be used to calculate how much LUNC will be burned for trades of various amounts. 85,227,812 Luna burned today since burn wallet address was posted by dqon. 200195 LUNC Bleeves Intro Song is NOW available for download in MP3 format at https://bleevescrypto.com/ TFLs wallet (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) will be removed in the whitelist for the airdrop, making Terra a fully community owned chain Everything there is to know, Copy trading: how it works and which are the best platforms, Cryptosmart, cryptocurrency tax problem solved by Italian exchange, How to use Polygon in DeFi and earn MATIC on AAVE, Binance will auto-convert the main stablecoins into BUSD, Continuously losing money in the Crypto Market? But UST has now lost its peg ratio, and currently trades at $0.1303 as of 11am, as per Coinmarketcap data. Users talking about the . 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. , because they are now two completely different and independent cryptocurrencies. The next burn is scheduled for Tuesday, October 11, at 00:00 UTC. 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. Allnodes publicly announced their support for the new proposal to reduce the tax to 0.2% via Twitter, stating that it was necessary for the Terra Classic community to bring the rate back to 1.2%. Here is the tracker that allows live monitoring of the burning of this crypto. Then this fee is used to acquire and subsequently "burn" or erase Luna Classic tokens. 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. Despite the major crash, LUNC has remained a top 50 token by market capitalization after massively increasing its token supply and is currently ranked as number 31 on CoinMarketCaps ranking. Stablecoins - USDT / USDC bridged over 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. It was a hard lesson to learn. As of now, 8 validators have voted, with 7 voting in favor and 1 against the proposal. Commit to returning funds if product has not been launched in 1 year. value and Terra's algorithmic stablecoin UST plummeted to pennies on the dollar. However, with this proposal, only currently active validators will be able to use the staking feature and new validators can only use the feature after 60 days. While Kwon asked why holders would do this, stating it is "literally burning money", this has not stopped holders. It has been designed to facilitate low-cost and secure transactions, with near-instant confirmation times. The numbers provided have been gathered and calculated by Statista, from Bitquery and Messari.io, based on a tweet from LUNA CEO Do Kwon sent on May 21, 2022. 22h Burn alert! The Terra Classic community has recently cast their votes in favor of Proposition 11111, which aims to repeal Proposition 10983 and change the way LUNC tokens are distributed and burned. Yesterday, February 9, the LUNC burning tax made it possible to destroy 68,683,935 LUNC crypto. Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. One of the main reasons for this change is the current low burn rate. UST or LUNA on CW3 multi-sig contracts The total amount of LUNC tokens burned so far is approximately 39.4 billion, or roughly 0.57% of the total supply. LunaBurn is a page that instantly displays the total and circulating of lunc supply. The price of Terra Luna Classic (LUNC) is $0.000161270927 today with a 24-hour trading volume of $46,288,702. There are essential apps that must exist in any web3 ecosystem to be viable: Infrastructure - Setten Any amount helps! A Luna burn of its supply was one proposed idea to help the Luna recovery, but could it still happen? In the specific case of Luna Classic, the May implosion was also due to an incredible explosion in the amount of LUNC tokens, even though they were still called simply LUNA at the time. trading LUNC. coins sent to it. 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. Community pool: 30% As a Premium user you get access to the detailed source references and background information about this statistic. In conclusion, the community-driven proposals 3568 and 4059 have been passed with an overwhelming 99% approval from validators. With a Luna Classic burn tax of 1.2% coming on September 20, these burns may continue to grow. Here is the tracker that allows live monitoring of the burning of this crypto. The new Terra Luna network might have launched - but coin burns of Luna Classic (LUNC) and TerraClassicUSD (USTC) have both risen in recent days. Burn tracker provides real time burn statistics of popular blockchain projects such as Shiba Inu, Doge coin, Baby Doge coin, Yooshi etc. So what is the next course of action for LUNA holders? This allows users to track the burn progress and get a better understanding of the burn mechanism. Create a new Terra chain without the algorithmic stablecoin. Past . is part of efforts investors believe would bolster the value of the cryptocurrency again. Here, it is to be noted that the burning strategy, isn't new. Buy, trade and hold 350+ cryptocurrencies on Binance. Wallet - Station, Leap, Falcon When Binance firstannouncedits token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. 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