Wednesday saw the burning of nearly 13 million LUNC tokens by Terra Classic validator Classy’s Crypto Sphere in a single transaction. Over 36.231 billion LUNC tokens have now been burned by the community as a whole. The Terra Classic influencer ClassyCrypto is connected to the Classy’s Crypto Sphere validator.
ClassyCrypto Leads Terra Classic (LUNC) Burn Initiative
On December 21, Terra Classic influencer ClassyCrypto officially announced burning 100% of its LUNC validator commission in a tweet. The burn included funds from Classy’s Crypto Sphere validator commission of almost 8 million LUNC tokens, YouTube ad revenue, and other sources.
After a 0.2% burn tax, ClassyCrypto reported burning close to 13 million LUNC tokens. Additionally, he disclosed the specifics of sending LUNC to the burn address. It displays a transaction fee of 25,575 LUNC tokens along with the 12,787,487.63 LUNC tokens that were sent to the burn address.
“I also burnt all of the ad revenue our LUNC videos on YouTube have generated this month. Our LUNC focus is burning.”
Other members of the Terra Classic community thanked ClassyCrypto for keeping his word and supporting the community’s burn effort.
Classy’s Crypto Sphere validator is switching to a 100% commission-burned model, ClassyCrypto tweeted on Tuesday. In order to better serve the community, it will “move toward a 100% non-profit model.” He disclosed the intent to burn several billion LUNC tokens in 2023.
Up to this point, the Terra Classic community has burned more than 36.231 billion LUNC tokens. With over 20 billion LUNC tokens burned, Binance, a cryptocurrency exchange, is responsible for the majority of the burn. Additionally, the community’s burn tax has burned more than 11 billion LUNC tokens.
LUNC Plummets as Market Sells Off
The price of LUNC is currently $0.00013, down 3% in the previous day. As the overall crypto market experienced selloffs, the LUNC price experienced intense selling. The low and high values for the past day are $0.0001295 and $0.0001354, respectively.
Edward Kim and Zaradar, two core Terra Classic developers, left Terra Rebels, casting doubt on LUNC’s future. Edward Kim and Zaradar will work in a new team and continue to contribute to the developments, it was later revealed.
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