After burning nearly 2.5 billion Terra Classic (LUNC) tokens this month, decentralized finance protocol DFLunc shifted its focus to core developer Edward Kim’s highly anticipated AI app chain “Block Entropy”. The project burned millions of LUNC tokens this week to obtain Block Entropy TestNet tokens.
DFLunc burned LUNC for Edward Kim Block Entropy AI Chain
The DeFi protocol DFLunc recently announced a major change to the LUNC burning mechanism. To help its users get the testnet tokens from Edward Kim’s “Block Entropy” AI app chain, the protocol does not send LUNC directly from user wallets to the fire address.
Instead, DFLunc sends tokens through a different address and enters “entropy” in the memo field of transactions. It sent 58 million LUNC to the fire address of the new protocol on May 25 and 44 million LUNC on May 26. The protocol aims to burn billions of Terra Classic tokens to deplete the circulating supply faster.
Also Read: Terra Classic Project Burns 2 Billion LUNC Tokens Overtaking Binance Burn
According to Edward Kim, users should send LUNC to the fire address with an “entropy” message and enter the transaction hash into the TestNet tap.
The amount of LUNC you burn is proportional to the amount of testnet tokens you get in return and these can only be used for machine learning activities as they have no value of their own.
To get TestNet tokens you need to send real LUNC to the fire address and enter the tx hash in the TestNet tap. This is a preview of the fire hydrant. pic.twitter.com/oDyjWpksyX
— Edward Kim (@edk208) April 29, 2023
After testing on LUNC L1 TestNet and adopting a governance proposal, Edward Kim will coordinate with the Joint L1 Task Force to include Interchain Accounts (ICA) in Terra Classic. This will only happen after the CosmWasm v1.1.0 parity upgrade on June 14th. CoinGape Media published a full detail about it and incoming developments.
Following the parity upgrade, the L1TF is also considering working with the USTC repeg team to establish a USTC test environment to focus on building the infrastructure needed to successfully repeg USTC to $1.
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Will the price of Terra Classic reach $1?
The LUNC price is currently trading at $0.000086, up 2% in the last 24 hours. The 24-hour low and high are $0.000085 and $0.000087, respectively. In addition, the trading volume has increased enormously in the last 24 hours.
The total LUNC burned by the community reached $60 billion. The burn rate increased after the community increased the burn tax to 0.5%. The move was supported by crypto exchanges such as Binance.
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Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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This post Terra Classic Project burns LUNC for Edward Kim AI Chain “Block Entropy” Token
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