The Terra Classic community burned over 20 million LUNC tokens in a week in the fight to increase the burn rate. Validators and projects running on the Terra Classic network commit to burning millions of LUNC tokens after crypto exchange Binance temporarily suspended the LUNC burning mechanism until March.

Terra Classic Validators lead the burns for the community

CoinGape follows the weekly burns by the Terra Classic community and believes in the revival of the Terra Classic following the roadmap proposed by core developer Edward Kim. Also, the community plans to burn billions of LUNC tokens by 2023.

Although the week still has a few days to go, the community has already burned over 20 million LUNC tokens in the past 4 days. The number of LUNC burns increased by nearly 4 million week-over-week in January, indicating a move in the right direction.

The highest burn of the week came true validator HappyCattyCrypto, which burned over 9 million LUNC tokens. It is followed by 7.2 million LUNC tokens being burned by Cremation Coin, which aims to burn millions of tokens every week.

Validators LUNC DAO commit sent over 1.62 million LUNC tokens to the fire address. LUNC DAO is the fifth largest contributor to LUNC burns, with a total of nearly 435.79 million LUNC burns. The remaining burns came from members of the Terra Classic community, including Yanis, a top contributor who sent 1 million tokens to the burn address.

Last week, the community burned over 16 million LUNC tokens, which was also an increase of 4 million compared to last week’s 12 million LUNC tokens.

LUNC community approves crucial proposal

Proposal 11310 from Terra Classic core developer Edward Kim was unanimously adopted by the Terra Classic community. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduce codes to enable future upgrades.

It also allows the Joint L1 Task Force to make the necessary changes to bring back the burning Binance LUNC fire mechanism. Binance may stop the LUNC burning mechanism if the Terra Classic community does not make these changes.

At the time of writing, the LUNC price is trading at $0.0001697, down more than 5% in the past 24 hours.

Also read: Will crypto miners sell their BTC holdings if Bitcoin price recovers?

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