Terra Luna Classic validator Classy’s Sphere from popular community member ClassyCrypto aims to burn billions of LUNC tokens in an effort to bring back validator burns and revive the LUNC price to $1.

ClassyCrypto has announced that it will burn 100% of its validator’s commissions until the end of the year. The move caused the community members to re-delegate their LUNC strike with Classy’s Sphere validator.

Terra Luna Classic Validator brings back validator burns

ClassyCrypto has announced that validator Classy’s Crypto will burn 100% of commissions as validators have stopped contributing to the LUNC burning campaign to reduce circulating supply. He wants to bring the LUNC $1 fire story back to the Terra Luna Classic community.

The community supported and began relegating their commitment to LUNC with Classy’s Sphere. The total LUNC staked with Classy’s Sphere increased from 8.81 billion to 9.86 billion LUNC tokens, increasing the voting interest to 0.96%.

Source: StakeBin

ClassyCrypto burned 13 million Terra Luna Classic (LUNC) tokens last December via its Classy’s Sphere validator. He expects to burn billions in LUNC tokens, with initial burns of millions. The minimum validator commission was changed to 5% for all validators as part of a recently passed proposal.

Meanwhile, the Terra Luna Classic community appears to be burning trillions of LUNC tokens through the USTC repeg initiative. To date, the community has burned over 68 billion LUNC tokens and deployed over 1,022 LUNC tokens. In addition, the Joint L1 Task Force wants to focus on reducing the supply of LUNC and USTC in Q3 and assist the Quant team in the USTC repeg.

Also Read: Crypto Bull Cathie Wood’s Ark Invest Offloads Coinbase (COIN) Shares Worth Millions

LUNC price is moving sideways

The Terra Luna Classic community appears to be reviving LUNC to $1 and hopes to see a rally in the next bull market. However, the LUNC price continues to move sideways this week.

LUNC price is currently trading at $0.000083, up just 0.5% in the last 24 hours. The 24-hour low and high are $0.0000819 and $0.0000838, respectively. Traders are currently waiting for a breakout above the bearish channel pattern.

Also Read: Bitcoin (BTC) set at $35,000, Ethereum (ETH) above $2,000 as US CPI inflation falls

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 Luna Classic Validator to Burn Billions of LUNC Tokens, Prize to Collect?

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