- A prominent LUNC validator initiates a token burn campaign.
- It aims to revive the $1 burn narrative and foster unity within the community.
- The LUNC community shows enthusiastic support for the burn initiative.
In a resounding call to action, Classy, a prominent validator on the LUNC blockchain, has reignited the long-forgotten LUNC $1 burn narrative. Taking to Twitter, Classy announced an initiative to see validators burning 100% of all commission fees until the end of 2023.
According to Classy, this sacrifice is aimed at unifying the blockchain and breathing new life into the narrative that once made Terra Luna Classic great. The validator proclaimed:
We will burn millions of LUNC and revive the narrative that made our chain great. We will push forward together. Burn it! Let the world know!
Enthusiastic members of the LUNC community wasted no time in spreading the update. While commending Classy for the rejuvenating move, the community rallied others to participate and share the burn initiative.
Notably, Classy highlighted the substantial contribution Binance has made in the LUNC token burn. Since September 2022, the exchange has burned over 20 billion LUNC tokens, amounting to more than 50% of the total burned tokens. However, due to changes in the LUNC burn tax, Binance announced a reduction in its burn contribution later in December.
Additionally, Binance has implemented a monthly burn mechanism to optimize burn management and save expenses. To prevent the re-minting of LUNC tokens, a new burn wallet was created, and Binance’s LUNC wallet was whitelisted to avoid taxes when transferring between wallets.
Ultimately, the LUNC community stands united behind Classy’s call to burn tokens, recognizing the importance of reducing the total supply to ensure the long-term viability of Terra Luna Classic’s blockchain. According to data from CoinMarketCap, LUNC’s circulating supply is over 5.8 trillion.
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