5M+ LUNC Burned, Marking a 2,107% Increase in Burn Rate

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The Terra LUNC burn initiative is still on pace as 5,096,362 (5M+) tokens were burned on Tuesday, an increase of 2,107% over the number burned the day before. 

The Terra Classic validator LUNC DAO, a separate entity, produced the most significant single burn.

LUNC DAO destroyed 2,631,901 (2.6M) tokens out of the 5.09M LUNC that were burned yesterday, making up about 51% of the total burned. 

The other burns involved smaller exchanges between unidentified people. The Happy Catty Crypto automated burn tracker LUNC Penguins discovered the LUNC DAO burn as the second transaction.

 LUNC DAO Remains the Fifth Biggest LUNC Burner

According to information from Terra Finder, the transaction occurred on January 17 at 7:03. (UTC). 

The memo reads LUNC-DAO-BURN and confirms that it came from the validator even though LUNC DAO hasn’t officially declared its involvement.

The most recent transaction raises LUNC DAO’s total burn to 434,178,868 (434.1M) LUNC, keeping it in fifth place overall, ahead of validators like Allnodes (344.3M), Happy Catty Crypto (34M), and Luna Station 88 (30.2M).

Independent validators operating in the area have consistently contributed to the burn campaign as the community continues to support it by occasionally burning millions of tokens. 

Notably, notable influencer Classy burned all commissions from his validator last month, totaling 100%.

Community’s  Fear About Burn Campaign

Despite these group efforts, the community worries that the burning campaign was needed to revive the asset in time. 

Only 37.6B tokens, or 0.54% of the asset’s total supply, have been burned to date. As was previously stated, this rate was 0.53% in the preceding month. 

Only 7.5% of the supply will be used in 5 years at the current burn rate of 269M per day.

Members have suggested several measures to support their efforts due to the slow progress. 

In this context, the notion of a Merge between LUNC and LUNA rose to prominence, but it was rejected by a prominent member of the Terraform Labs team who pointed out that since both assets are on distinct blockchains, they cannot merge on a protocol code.

The LUNC L1 team member and well-known developer Zaradar said there is a method for both assets to co-exist, offering many ways to enhance one another. 

He said that if his strategies were used, LUNC might reach $1 in twenty years.

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