The Terra Classic community has set its sights on increasing burn speeds for Terra Classic (LUNC) tokens as LUNC burn speeds dropped in December. In addition, crypto exchange Binance temporarily suspended the LUNC burn mechanism until March and reduced the burn rate to 50%, which also affected the LUNC burn rates.

Terra Classic validators and projects are aimed at increasing the burn rate

Terra Classic validators and projects aim to burn billions of Terra Classic (LUNC) tokens by 2023. To date, the community has burned over 37.30 LUNC tokens and deployed nearly 850 billion LUNC tokens.

Terracasino, in one tweet on January 9 revealed that it has sent more than 8 million LUNC tokens to the fire address. It burned 50 million LUNC tokens in less than 2 months. The project commits to burning billions of LUNC tokens.

In addition, validator LUNC DAO has burned over 4 million LUNC tokens in the past 24 hours. Two transactions with 2.235 million LUNc tokens each were sent to the fire address. LUNC DAO burned over 2 million Terra Classic tokens on January 2. This makes LUNC DAO the 5th largest burner of Terra Classic tokens.

Meanwhile, the community is voting on two major proposals. Proposal 11242 effectively stops LUNC recovering from burns and sets the community pool reward policy to zero. Also, proposal 11243 proposes to increase gas rates by 5 times and finance the community pool from fees.

Terra Classic core developer Edward Kim warns the community that the proposals could have a serious impact on community pool funding as the data shared in the proposal has a miscalculation. So it shows that additional fees are distributed. However, a solution could later ensure that much less goes to the communal pool.

Also Read: Why KuCoin Undelegated 48 Billion LUNC Tokens?

LUNC Price Increases 6%

Amid the recovery in the broader crypto market, the LUNC price is up more than 6% in the past 24 hours. Also, the trading volume has increased by 180% in the past 24 hours.

The 24-hour low and high are $0.000153 and $0.000166, respectively. The LUNC price is trading in a range after reaching a high of $0.000184 on December 27.

Also Read: This Is How Much Your $100 Investment In Terra Classic Will Be Worth When LUNC Reaches $1

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

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