- The operator of the community validator at Terra Classic is committed to burning 100% of its commission throughout the rest of the year.
- The community validator showed support for Binance and its participation in burning LUNC tokens while urging other validators to do the same.
According to a recent announcement made by a Terra Classic developer, more LUNC tokens will be burnt in the coming months. Classy Sphere, a LUNC validator, who currently serves as the operator of the community validator took to Twitter on Sunday to share the update with other LUNC community members.
In his tweet, the popular validator and influencer explained that it will burn 100% of his commission till the close of the year. He maintains that at its core, the move is a commitment to reviving the community’s dream of sending the LUNC token to the $1 price mark in the long term.
Per his tweet ;
“LUNC $1 BURN NARRATIVE HAS BEEN FORGOTTEN FOR TOO LONG. TODAY, I BRING IT BACK. OUR LUNC VALIDATOR WILL BE BURNING 100% OF ALL COMMISSION UNTIL THE END OF 2023. We must stand STRONG together. Sometimes, SACRIFICE is needed. Today, I sacrifice THOUSANDS in the name of UNIFICATION for our blockchain, Terra Luna Classic.
We will burn MILLIONS of LUNC.”
$LUNC $1 BURN NARRATIVE HAS BEEN FORGOTTEN FOR TOO LONG.
TODAY, I BRING IT BACK.
OUR #LUNC VALIDATOR WILL BE BURNING 100% OF ALL COMMISSION UNTIL THE END OF 2023.
We must stand STRONG together. Sometimes, SACRIFICE is needed.
Today, I sacrifice THOUSANDS in the name of… pic.twitter.com/PfDT6lWVPm
— Classy 🔮 (@ClassyCrypto_) July 9, 2023
With millions of LUNC set to be burned, all the LUNC tokens staked with the validator will be burned out of the network, and go on to reduce the amount of supply of the network. Classy Sphere also urged more validators to partake in the burn and aid in the network’s overall development.
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Conclusively, the validator stood in solidarity with the Binance exchange. Notably, Binance has played a significant role in reducing LUNC’s supply. The exchange has set off a total of 2.65 billion Terra Classic tokens for the 11th batch of the LUNC burn mechanism, which attracted more than 13 million LUNC in transaction fees. The validator asserted:
We will REVIVE the NARRATIVE that made our chain GREAT. We will push FORWARD together. BURN IT ALLLLLLL! LET THE WORLD KNOW! MORE LUNC STAKED WITH OUR VALIDATOR = MORE LUNC BURNED. LET ALL VALIDATORS KNOW! LET US ALL BURN FOR THE MOVEMENT! LUNCBurn STARTS TODAY ONCE AGAIN! WE STAND WITH Binance !
Meanwhile, Luna Classic HQ recently took to Twitter to inform followers that the burn rate of Terra Classic (LUNC) is nearing 70 billion.
According to the burn rate update, the burn rate is currently sitting at 68,303,850,914. This makes up only 0.99% of the network’s LUNC supply.
Market sentiments are rightfully mixed at this time. Some community members are convinced that the consistent burn has done little to trigger LUNC bulls, while others are confident that the burn will pay off in the long term. At report time, LUNC has gained nearly 3% in the last hour. The altcoin trades for $0.0000838 at press time.
