In a bid to reignite the Terra LUNA Classic community, ClassyCrypto’s validator plans to burn billions of LUNC tokens, aiming to revive the token’s price. The move seeks to generate enthusiasm and restore momentum to the platform, potentially reshaping its future.
Terra Luna Classic, a popular blockchain platform, is set to witness a significant development as one of its validators, ClassyCrypto, plans to burn billions of LUNC tokens in an effort to revive the token’s price and reintroduce validator burns. The move has sparked enthusiasm within the Terra Luna Classic community, with many members redelegating their LUNC staking to Classy’s Sphere validator.
ClassyCrypto made the announcement regarding the burning of LUNC tokens, stating that 100% of the commissions generated by the validator would be burned until the end of the year. This decision comes in response to a decline in validator burns and aims to reignite the narrative of a $1 burn for LUNC tokens within the Terra Luna Classic community.
The community has rallied behind ClassyCrypto’s initiative, leading to a substantial increase in the total LUNC tokens staked with Classy’s Sphere. The number has surged from 8.81 billion to 9.86 billion LUNC tokens, resulting in an augmented voting power of 0.96%.
ClassyCrypto’s Ambitious Token Burning Efforts: From 13 Million to Billions Of LUNC Tokens Targeted For Destruction
This is not the first time ClassyCrypto has taken steps towards burning LUNC tokens. Last December, Classy’s Sphere validator burned 13 million Terra Luna Classic tokens. Now, with the goal of burning billions of LUNC tokens, ClassyCrypto aims to achieve a series of initial burns, with millions of tokens being burned in the process. As part of a recently passed proposal, the minimum validator commission for all validators has been changed to 5%.
Meanwhile, the Terra Luna Classic community is actively engaged in the USTC repeg initiative, where the aim is to burn trillions of LUNC tokens. As of now, the community has successfully burned over 68 billion LUNC tokens and staked more than 1.022 LUNC tokens. Furthermore, the Joint L1 Task Force has focused its efforts on reducing the supply of both LUNC and USTC tokens in the third quarter, providing support to the Quant team in the USTC repeg initiative.
Despite the community’s efforts to revive the LUNC token and drive its price to $1, the token’s value has remained relatively stagnant this week. Currently trading at $0.000083, LUNC has experienced a minor increase of only 0.5% in the past 24 hours. Traders are now eagerly anticipating a breakout above the descending channel pattern to potentially trigger a rally in the next bull market.
The burning of billions of LUNC tokens by ClassyCrypto’s Terra Luna Classic validator, coupled with the ongoing efforts of the community to reduce token supply, underscores the commitment of stakeholders to revive the token’s price and restore its market momentum. As the Terra Luna Classic ecosystem evolves, the outcome of these initiatives will be closely monitored by investors and enthusiasts alike, as they hold the potential to shape the future of the platform.