The Terra Classic community burned a total of over 226 million LUNC tokens in January, keeping the balance as crypto exchange Binance temporarily suspends the LUNC burning mechanism until March.

This week, the community burned more than 15 million LUNC tokens, compared to 12 million LUNC in early January. The community has reached another milestone by successfully growing its weekly burnout and moving in the right direction together.

Terra Classic Community Burns 15 Million LUNC Tokens

The Terra Classic community aims to burn billions of LUNC tokens by 2023. Validators and projects have even successfully supported the LUNC burn campaign after Binance suspended the LUNC burn mechanism until March. So far, the community has burned a total of 38.71 billion LUNC tokens.

The community-led validators and projects burned over 15 million LUNC this week. The biggest burn came from TerraCasino, which burned 10,059,442 LUNC in partnership with crypto influencer Bull.BnB. TerraCasino taken to Twitter to show community involvement. It’s burned 63 million LUNC within 3 months.

Cremation Coin, a newly launched project, sent 2,048,861 LUNC to the fire address. The project burned more than 30 million LUNC in total, as part of its plan to burn 10% of the project’s total transaction volume in LUNC each week.

Validator LUNC DAO burned 1,944,387 LUNC on Sunday, maintaining its position as the 5th largest burner of Terra Classic tokens. The remaining burns were from other members of the community.

Meanwhile, Binance is announcing support for Terra Classic (LUNC) upgrade as part of proposal 11310 by the Joint L1 Task Force developer group led by Professor Edward Kim, aiming to upgrade the chain from v1.0.4 to v1.0.5. The Terra Classic (LUNC) network upgrade occurs at block height 11,543,150expected on February 14.

The price of Terra Classic (LUNC) is currently trading at $0.0001829, up more than 7% in a week. The 24-hour low and high are $0.0001801 and $0.0001867, respectively.

Also Read: Binance Supports Terra Classic (LUNC) Upgrade, Will It Start a Bull Run?

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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