To use individual functions (e.g., mark statistics as favourites, set Users burn Luna to mint Terra and burn Terra to mint Luna, all incentivized by the protocol's algorithmic market module. Due to systemic hyper-inflation, LUNA supply went from a few hundred million to 6.9 Trillion. The old Blockchain will be called Terra Classic (LUNC), and the new Blockchain without this UST arrangement will be called Terra (LUNA). Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains. LUNC to USD price is updated in real-time. On May 28, 2022, the creators behind LUNA released a 2.0 version of the cryptocurrency, whilst the "original" LUNA coin got rebranded into LUNC or Terra Classic. Daily Burn Stats for Sat Sep 17 2022! The ultimate goal of Terra is to be a community-owned Blockchain. Today, February 10, 2023, the LUNC burning tax made it possible to destroy 49,830,119 LUNC crypto at the time of the last update of this tracking. This proposal is a continuation of a previous one that was introduced 7 days ago, which suggested the community discontinue the Seigniorage Reward Policy, thus ending the re-minting of 10% of previously burned tokens. It did, technically, have the same effect as a burn could in reducing the supply, although deciding to restart the chain was a more nuclear approach. In fact, in just a few days, it went from 0.76 billion to 6.9 trillion tokens in circulation, and this literally imploded their price. In this update, we'll be taking a closer look at what these proposals entail and the impact they will have on the Luna Classic ecosystem. May 22, 2022 - Posted in It will enable Binance LUNC burn mechanism to return to the community. 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The original proposal, submitted by an anonymous community member, highlighted the reason for the motion, which is the recent significant decrease in the on-chain rate over the past 4 weeks. The protocol consists of two main tokens, Terra and Luna. Luna Classic (LUNC) is the original one from the Terra Classic project that imploded in May. original chain, now called LUNA Classic. The bigquestion now is how high LUNC price will go following the next LUNCburn. Statista. Edward Kim, the head of development for Terra Classic, had previously expressed concerns about Proposition 10983, claiming it could lead to a major LUNC burner, Binance, withdrawing its support for the network. While Luna 2.0 is taking over as the main form of Luna, a separate coin - Luna Classic - still exists and could help to itch this burning desire. Terra Classic is +0.01% in the last 24 hours. Your email address will not be published. However, with the Binance Luna 2.0 support, it seems Binance will not contribute to this burn. Details are subject to change. Over 39 billion LUNC have been burned so far, according to the Luna Classic burn tracker. The idea effectively generated a new layer-1 Terra blockchain without its algorithmic stablecoin. In a similar development, 27,337,229 (27.3) LUNC tokens were burned on Sep 18, with the tokens worth around $7,914. Lending market - Mars, Edge Dogetti And XRP Have Interesting Updates The Market Can Look Forward To, Luna Classic should not be confused with Luna. The recent launch of the Luna Classic and its community-driven development initiative have brought forth proposals 3568 and 4059 which have been passed with an overwhelming 99% approval from validators. In addition, major voters such as Allnodes and Interstellar Lounge, voted in favor of repealing Proposition 10983. Pi Network Mainnet: When Is Pi Coin Launching? Staking is the process of holding a certain amount of tokens in a wallet, and in return, the staker is rewarded with a certain percentage of interest on those tokens. Terra Station has a large install base, with million+ users across the world Daily Burn Stats for Sun Sep 18 2022! by the Terra Rebels. There are also other problems related to the current and future development of the two projects. Please do not hesitate to contact me. Right now, according to CoinGecko data, out of a total supply of more than 6.9 trillion LUNC tokens there are more than 6.880 billion in circulation. luna. https://t.co/Depz9nYDVO. The thing is, Lunas total supply continues to increase. Available: https://www.statista.com/statistics/1317271/luna-burn-rate/, Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022, Available to download in PNG, PDF, XLS format, TerraClassicUSD USTC/USD price history up until October 20, 2022, 10-day Terra LUNA/USD realized volatility until May 12, 2022, Daily Terra Classic (LUNC) market cap history up until August 2, 2022, Daily TerraClassicUSD (USTC) market cap history up until August 2, 2022, Market cap of 120 crypto - incl stablecoin, NFT, DeFi, metaverse - in November 2022, Terra Classic (LUNC) dominance history up until July 7, 2022, TerraClassicUSD (USTC) dominance history up until July 7, 2022, Market dominance of 12 cryptocurrencies on November 15, 2022, Terra (LUNA) daily transaction volume up until March 23, 2022, Monthly active Terra (LUNA) addresses 2021-2022, Terra (LUNA) gas price history up until March 23, 2022, Transaction speed ranking of 69 crypto - including DeFi and metaverse - in 2022, Daily Terra (LUNA) trading volume history up until May 16, 2022, Daily TerraUSD (UST) trading volume history up until March 22, 2022, Biggest Terra (LUNA) exchanges based on 24h volume on March 24, 2022, Biggest TerraUSD (UST) exchanges based on 24h volume on March 24, 2022, Terra (LUNA) Sharpe ratio until March 23, 2022, TerraUSD (UST) circulating supply history up until July 7, 2022, Top 20 cryptocurrencies with the most value being staked as of November 11, 2022, Terra (LUNA) largest staking pools as of March 24, 2022, Maximum/current supply of 100 cryptocurrencies worldwide as of February 21, 2023, Monthly market share of 16 different crypto exchanges 2021-2023, Daily 24h volume of all crypto combined up until November 10, 2022, Solana (SOL) circulating supply history up until November 10, 2022, Quarterly number of crypto users in Germany 2021-2022, Quarterly number of crypto users in the U.S. 2021-2022, Quarterly number of crypto users in Mexico 2021-2022, Quarterly number of crypto users in Brazil 2021-2022, Quarterly number of crypto users in France 2021-2022, Quarterly number of crypto users in Italy 2021-2022, Quarterly number of crypto users in the UK 2021-2022, Information sources for cryptocurrency investing among users of Huobi 2022, Bitcoin (BTC) circulating supply history up until November 14, 2022, Crypto adoption in the U.S. as of November 2022, by age and gender, The 23 most popular crypto exchanges in the U.S. 2022, Weekly market cap of all cryptocurrencies combined up until February 2023, Top 100 crypto exchanges in the world based on 24h trade volume on November 14, 2022, Cardano (ADA) circulating supply history up until July 7, 2022, Find your information in our database containing over 20,000 reports. If you are going to burn your luna, convert it to UST and burn UST instead Reply Fit-Boomer . Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem. The second plan detailed splitting the blockchain via a hard fork. New Blockchain: The existing Terra Blockchain will be forked into a new Blockchain, but without the unique arrangement of the UST algorithmic Stablecoin UST mechanism. The code for these proposals was written in early July and underwent testing on a network referred to as the "testnet" prior to full integration. You need a Statista Account for unlimited access. As. This is to ensure that small Luna holders have similar initial liquidity profiles. Oct 2, 2022 3 min read Image: Shutterstock The value of Luna Classic, LUNC, is up over 70% for the week and up over 44% for the month, hitting $0.000365 mid Sunday as traders awaited final token burn numbers from Binance. Following the collapse of the Terra Classic ecosystem in May 2022, the supply of the native governance and utility token LUNC became massively inflated, leading to a monumental price crash. Likewise, on the website in question there is also a graph below with the total supply of TerraClassicUSD (USTC), the Terra Classic stablecoin that turned out not to be as stable as thought, and the amount of tokens burned in each period of time. It was a hard lesson to learn. Each referral code includes For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter Required fields are marked *. When Binance first announced its token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. All transactions with the LUNC crypto, in those exchanges and platforms that have accepted it, are now taxed with a 1.2% tax that goes to the burning of the Terra Classic cryptocurrency. Once the proposal was passed through a community vote, 10% of LUNAs circulating supply was burned and the same was expected to reduce overtime. After a spike in early September, which was immediately retraced, the price fell from about $3 to $2.4. Analytics - Coinhall, Flipside Bridges - Axelar, Wormhole Burn tracker provides real time burn statistics of popular blockchain projects such as Shiba Inu, Doge coin, Baby Doge coin, Yooshi etc. Before the Binance burn, which will a start on March 1, 2023, the Terra Classic LUNC community laid the basis for the potential increase in the coin's price. Then this fee is used to acquire and subsequently "burn" or erase Luna Classic tokens. Currently, you are using a shared account. Terra: Stablecoins that track the price of fiat currencies. Bitcoin Beach: the wallet project born in El Salvador expands. "Once again, we don't have that kind of money," he said. January 2023, 15:25 CET Completely Burned Luna 38.117.624.552 0.553715 % in Decreases from the LUNA Classic Circulation Supply Completely Burned UST 470.469.147 4.791998 % in Decreases from the UST Classic Circulating Supply Luna Classic (LUNC) is the original one from the Terra Classic project that imploded in May. The primary tactic is to burn LUNC and remove it from circulation. This address was It has been designed to facilitate low-cost and secure transactions, with near-instant confirmation times. It did, technically, have the same effect as a burn could in reducing the supply, although deciding to restart the chain was a more nuclear approach. Stablecoins are named for their fiat counterparts. Terra is closing in on all-time highs as investors anticipate a supply reduction. Dapps in the Terra ecosystem are designed to increase UST demand, while the issuance of UST implies a reduction in the Luna supply. was wiped out from the market in a matter of days. Good luck, internet stranger! Reporting the future.The latest news about Bitcoin, ICO, trading, blockchain and fintech. //]]>. Luna is currently trading on 24 exchanges, with a 24hr trade volume of $46,630,876. (The Truth EXPOSED!) Find the latest news about cryptocurrencies, the best tutorials and, if you want to know us better, take a look at our About us page. Much like the success of Shiba Inu burns among the SHIB community, will holders be successful at implementing Luna burns? In conclusion, the community-driven proposals 3568 and 4059 have been passed with an overwhelming 99% approval from validators. 1,221,968 #LUNC ($216) burned to Luna Burn Wallet! 22h Burn alert! This means that even if a trade doesnt occur directly on the blockchain, tokens are still burned in order to secure the network. 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