As a researcher with experience in the cryptocurrency market, I find the recent developments in the Terra Luna Classic community intriguing. The decision to burn 12 billion LUNC and 68 million USTC from contracts including Lido DAO rewards dispatcher is a significant move aimed at reviving the project and pushing the price back above $1. This follows the previous removal of 7 billion LUNC through burn tax, which accrued massive fees in a single day.
As a researcher studying the Terra Luna Classic ecosystem, I’d describe it this way: I’ve uncovered information about the Terra Luna Classic community’s plan to burn 12 billion LUNC and 68 million USTC tokens through specific contracts, such as the Lido DAO rewards dispatcher. This action aims to eliminate these tokens from the total supply completely. The rationale behind this decision stems from the community’s efforts to remove LUNC and USTC from the circulating supply in an attempt to revive the price and bring it back up to $1.
Terra Luna Classic 12 billion LUNC Burn
The Terra Luna Classic community has withdrawn approximately 12 billion LUNC and 68 million USTC tokens from circulation, making it the second largest withdrawal following the recent burning of 7 billion LUNC worth of tokens as part of the burn tax. This massive event resulted in a record-breaking total fee accumulation of around 8.34 billion.
Approximately 12 billion LUNC tokens will be destroyed from the rewards distributions of Anchor’s bLuna and Lido’s reward dispatcher contracts, according to a proposed plan. This modification is currently reflected on CoinMarketCap and CoinGecko. With the contract owner having relinquished its status, ownership of these contracts now rests with the Terra Luna Classic community.
“The Lido DAO implemented a proposal on June 22, 2022, rendering all Lido contracts on Terra Classic non-upgradable and invalidating their ownership, as disclosed by the X account known as Terra Classic Foundation.”
The governance of Terra Luna Classic is set to approve the imminent burning of funds, with the intention of gaining the community’s consent. Concurrently, Terra Luna Classic developers will gradually remove certain quantities of LUNC and USTC from circulation and burn them over time. Notably, approximately 93 million LUNC and 87 million USTC have already been removed from the circulating supply through the Terra Shuttle Bridge (BSC) contract.
LUNC Price To Hit $0.0001 In July?
As a crypto investor, I’ve noticed that the price of LUNC dipped by more than 1% in the past 24 hours, reaching a current value of $0.00008196. The lowest and highest prices within this period were recorded at $0.00008050 and $0.00008366 respectively. Unfortunately, there’s been a significant decrease in trading volume over the last day, with a 21% drop reported.
In July, Binance is set to implement the LUNC burn, while Terraform Labs will carry out burns for both LUNC and USTC. These events, coupled with Tax2Gas implementation, may contribute significantly to the price rise of LUNC, with the community optimistic about surpassing the $0.0001 mark once again.
Currently, the USTC price is at $0.01783, representing a 1.5% decrease over the past 24 hours. The lowest and highest prices within this period were recorded as $0.01755 and $0.01802 respectively. Notably, there has been a 12% decline in trading volume, suggesting a decreased level of engagement from traders.
In the derivatives sector, the open interest for LUNC and 1000LUNC futures has decreased over the past 24 hours. Market participants are currently watching for the monthly closing and looking towards larger economic indicators to guide their trading strategies for the month of July.
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2024-06-29 19:47