{"id":83008,"date":"2024-06-29T13:17:16","date_gmt":"2024-06-29T17:17:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83008"},"modified":"2024-06-29T13:17:21","modified_gmt":"2024-06-29T17:17:21","slug":"terra-luna-classic-to-burn-18-billion-lunc-tokens","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/terra-luna-classic-to-burn-18-billion-lunc-tokens\/","title":{"rendered":"Terra Luna Classic to Burn 18 Billion LUNC Tokens"},"content":{"rendered":"\n

Terra Luna Classic community<\/a> plans to burn 12 billion LUNC and 68 million USTC, aiming to revive and repeg USTC to $1.<\/p>\n\n\n\n

\"Terra
Terra Luna Classic to Burn 18 Billion LUNC Tokens<\/figcaption><\/figure>\n\n\n\n

The Terra Luna Classic community will burn 12 billion LUNC and 68 million USTC in contracts, which includes the Lido DAO rewards dispatcher, to utterly remove them from the supply. The decision was made in response to the community's decision to remove LUNC and USTC from the circulating supply in order to revive and repeg to $1.<\/p>\n\n\n\n

The Terra Luna Classic community removes 12 billion LUNC and 68 million USTC from circulation. It is the second greatest removal from the circulating supply, following the recent 7 billion LUNC burn<\/a> in burn tax, which resulted in 8.34 billion total fees accrued in a single day.<\/p>\n\n\n\n

A proposal has been made to eliminate the substantial 12 billion LUNC from the Lido rewards dispatcher contracts and the Anchor bLuna rewards. Additionally, the modifications are currently operational on CoinGecko and CoinMarketCap. The Terra Luna Classic community now possesses the contracts, as the contract owner has invalidated itself.<\/p>\n\n\n\n

“These funds are frozen as a result of a proposal passed by the Lido DAO on June 22, 2022, which rendered all Lido contracts on Terra Classic non-upgradable and rendered their ownership invalid,” disclosed an X account named Terra Classic Foundation.

The governance is scheduled to vote on the proposed fire in order to obtain the community's consent to burn these funds. Additionally, the developers of Terra Luna Classic eliminate other LUNC and USTC from circulation, which will be consumed over time. In the Terra Shuttle Bridge (BSC) contract, the community eliminated 93 million LUNC and 87 million USTC from the circulating supply.<\/p>\n\n\n\n

The price of LUNC has decreased by more than 1% in the past 24 hours, and it is currently trading at $0.00008196. The 24-hour low and high are $0.00008050 and $0.00008366, respectively. Nevertheless, the trading volume has further decreased by 21% in the past 24 hours.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Binance's LUNC burn, Terraform Labs' LUNC and USTC burn\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, and Tax2Gas implementation in July are anticipated to provide the requisite boost to the LUNC price, with the community anticipating a recovery above $0.0001.<\/p>\n\n\n\n

In the interim, the price of USTC has decreased by 1.5% in the past 24 hours, currently trading at $0.01783. The 24-hour low and high are $0.01755 and $0.01802, respectively. The trading volume has decreased by 12%, suggesting a decrease in interest among traders.

In the past 24 hours, the open interests of LUNC and 1000LUNC futures have decreased in the derivatives market. Traders are currently anticipating the monthly close and additional macroeconomic indicators for July trading<\/use><\/svg><\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Terra Luna Classic community plans to burn 12 billion LUNC and 68 million USTC, aiming to revive and repeg USTC to $1. The Terra Luna Classic community will burn 12 billion LUNC and 68 million USTC in contracts, which includes the Lido DAO rewards dispatcher, to utterly remove them from the supply. The decision was […]<\/p>\n","protected":false},"author":36,"featured_media":83016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[20289,20288,15618],"class_list":["post-83008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-burn","tag-lunc-tokens","tag-terra-luna-classic-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/lunc-1-1-e1671875694694.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83008"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83016"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}