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Terra Classic Project Burns 2 Billion LUNC Tokens, Overtaking Binance Burn

Terra Classic new project DFLunc, gaining popularity for its massive LUNC burn mechanism, has burned almost 2 billion LUNC tokens in two weeks. The DeFi protocol was launched in April to deflate LUNC circulating supply more rapidly by burning billions of tokens. With the massive LUNC burn by the protocol, the total LUNC burn surpassed 57.8 billion.

DFLunc Burns 2 Billion Terra Classic Tokens

Binance burned 1.27 billion LUNC as part of its monthly LUNC burn mechanism on May 1. Until now, Binance has burned 31.83 billion LUNC tokens.

DFLunc on May 12 shared on Twitter that it has burned over 1.6 billion LUNC, overtaking Binance’s 1.27 LUNC burn. The Terra Classic community burned almost 2 billion LUNC through DFLunc Protocol as it begins to attract attention. The DeFi protocol consists of multiple smart contracts to deflate LUNC supply through a continuous burn mechanism.

DFLunc Protocol is also a validator for Terra Classic that allows users to mint its DFC token only by burning LUNC tokens. It utilizes two smart contracts based on CosmWasm — DFLunc and CW20-DFC. Users burn LUNC by paying USTC as protocol fees to mint DFC tokens. Staking more through the validator burns more LUNC by the DeFi protocol.

The protocol has divided its plan into different stages that ultimately aimed toward the growth of its validator on the Terra Classic chain.

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As per the transactions seen by CoinGape Media, the protocol is still burning LUNC through its contact address. The total burn by the community has now reached 57.8 billion LUNC tokens.

LUNC Price Gains Momentum

Terra Classic core developer Joint L1 Task Force (L1TF) prepares for v2.0.1 Upgrade as the community successfully passed Proposal 11511. The Terra Classic blockchain will halt at block 12,812,900, estimated on May 17 at 17:11 UTC. It is followed by the Cosmwasm 1.1.0 Parity upgrade on May 31.

As GoinGape earlier reported, the upgrade includes several critical features such as a minimum initial deposit for governance proposals that will prevent spam, upgraded Cosmos SDK and Tendermint, and enhanced code maintainability.

LUNC price jumped 1% in the last 24 hours, with the price currently trading at $0.000090. The 24-hour low and high are $0.000088 and $0.000091, respectively. Furthermore, the trading volume has increased significantly in the last 24 hours, indicating a rise in interest among traders.