5M+ LUNC Burned Over Weekend as Burn Rate Surges 3,342%
The most recent significant transaction involved the incineration of 2.1M tokens by LUNC DAO.
Terra Classic (LUNC) burns persisted over the weekend despite a hiatus of business activities, as over 5 million tokens were incinerated during the weekend and this morning. Out of the total burned tokens, validators LUNC DAO and Luna Station 88 accounted for 90%.
LUNC DAO’s Burn
The most recent burn transaction occurred this morning, involving the incineration of 2,190,555 (2.1M) LUNC at 2:44 (UTC), per data from Terra Finder. The transaction memo reads LUNC-DAO-BURN, indicating a connection to the autonomous Terra validator LUNC DAO.
LUNC DAO remains one of the foremost contributors to the Terra Classic burn campaign, committing to its promise of periodic burns to support the community. The validator is one of the first to champion the burn initiative and the revival plan. The recent burn came up shortly after it incinerated 1.6M tokens last week.
Due to its persistent contribution, LUNC DAO is the fifth largest burner and the largest burner among validators, with a total cumulative burn of 437.9M tokens so far, according to data from LUNC Penguins.
Luna Station 88’s Burn
Besides LUNC DAO’s latest burn, the community incinerated a total of 3,050,018 (3M+) tokens on Sunday, marking a 3,342% increase from the burn rate recorded on Saturday. Out of the 3M+ tokens, Luna Station 88 – another autonomous validator – accounted for 2,981,683 (2.9M) tokens.
Luna Station 88’s burn transaction occurred on Sunday at 17:08 (UTC), being the largest single burn over the weekend. The validator has highlighted the transaction through its Twitter handle, and despite not explicitly stating it, the burn is its latest effort at burning a third of its weekly commission.
We just burned LUNC and filled up the community pool. This is all for you! No need for thanks, let’s keep building a stronger community together! #LUNC https://t.co/6ACKYssVOphttps://t.co/gftpbct00Whttps://t.co/l91T8C2TbJhttps://t.co/JuycZuqdmk
— Luna Station 88 (@LunaStation88) January 29, 2023
The Need to Expedite Burns
Following the latest cumulative burn of 5M+ tokens, total tokens burned currently sit at 38.2B LUNC, representing 0.55% of the asset’s total supply. At the current burn rate, 6.89% of the total supply is expected to be burned in five years’ time. Several initiatives have been raised to expedite the burns, as the current rate has not been particularly satisfactory to the community.
The idea of a LUNC decentralized exchange (DEX) has been proposed in this regard, with the independent development group TerraCVita currently working on the project. Two weeks back, TerraCVita released the first look at the ongoing project.