- Binance has successfully concluded the LUNC burn mechanism, eliminating 2.65 billion Terra Classic (LUNC) coins.
- The community has experienced a significant decrease in its total funds from 2.37 billion LUNC to 416 million LUNC.
The community pool fund at Terra Luna Classic has reached a concerning level following the approval of three expenditure requests by the community. As a result, the community lacks sufficient funds to support the ongoing development and maintenance of the network, witnessing a significant decrease in their total funds from 2.37 billion LUNC to 416 million LUNC.
The Terra Luna Classic community agreed upon three proposals: the Joint L1 Task Force Q3 proposal, establishing a Quant team for USTC repeg, and maintaining Terra Rebels’ infrastructure and applications.
Terra Rebels received 484.367 million LUNC, the Quant USTC Repeg Team obtained 222.222 million LUNC, and the Joint L1 Task Force Q3 was granted 1.264 billion LUNC for their development initiatives. The pool’s current balance consists of only 416.33 million LUNC and 4.49 million USTC.
Joint L1 Task Force Q3 Proposal: Circulating Supply Reduction and SDK Upgrades
The Joint L1 Task Force Q3 has proposed involving various significant endeavors. These include efforts to reduce the circulating supply of LUNC and USTC, upgrading to stable versions of the Columbus and Cosmos SDKs, and undertaking other major developments.
Simultaneously, the Quant team will be focused on modeling and simulation for USTC incremental repeg buybacks and staking swaps. They will also evaluate and assess the Market Module and work on other tools. The Quant team will receive support from the L1TF and Professor Edward Kim in relation to the USTC repeg.
Meanwhile, Terra Rebels needs funds to sustain its operations and maintain Rebel Station, as well as other applications, testnet, and the infrastructure of Terra Classic. Multiple notable individuals within the community have expressed their concerns regarding approving unnecessary community spending proposals. Furthermore, the community firmly holds the belief that only the essential proposals should undergo voting, following thorough deliberations and discussions.
Over 35.5 Billion LUNC Tokens Burned by Binance
In its latest move, Binance has successfully concluded the eleventh batch of the LUNC burn mechanism, eliminating 2.65 billion Terra Classic (LUNC) coins. This latest burn brings the total number of LUNC tokens burned by the cryptocurrency exchange to over 35.5 billion, while the overall community has collectively burned over 68 billion LUNC tokens. The recent burn carried out by Binance immediately triggered a 3 percent increase in the price of LUNC as investors responded to the news.
To actively reduce the circulating supply of Terra Classic (LUNC) tokens, Binance executed a transaction on July 1, transferring 2.65 billion LUNC tokens to the designated burn address. A transaction fee of 13.25 million LUNC tokens was also included as part of this transaction.
Price Prediction
Following the announcement of Binance’s burn of 2.65 billion LUNC tokens on Saturday, the price of Terra Luna Classic experienced a notable increase of more than 3 percent. However, the price could not sustain this gain and eventually declined, returning to the support level.
As of the time of writing, LUNC is currently trading at $0.00008703 with a 0.09 percent decrease in the last 24- hours. Notably, the lowest and highest recorded prices within the last 24 hours are $0.00008509 and $0.00008773, respectively.
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