This thread is archived. 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. This is to ensure that depeg related allocation is on par with the original stakeholder (pre-attack Luna) allocation. The Terra ecosystem and its community are worth preserving. is part of efforts investors believe would bolster the value of the cryptocurrency again. When you purchase As Luna Classic continues the old Luna's chain, with a circulating supply of 6.9 trillion, these burns will need to be pretty hefty to make an impact. After USTC lost its $1 peg in May, the supply of LUNC increased drastically, trying to restore the peg. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. You have entered an incorrect email address! While data shows that some burn transactions were being carried out, they were largely insignificant when compared to how were being created. Accommodations will be made for apps where TVL is not applicable. 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff 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. October 5, 2022. For a transaction to be included in the on-chain tax scheme, the transactions must be one of the Luna Classic, Terra Classics cryptocurrency, has a token burn program, with progress viewable on several trackers, that aims to reduce circulating supply on a regular basis. Create a new Terra chain without the algorithmic stablecoin. This allows users to track the burn progress and get a better understanding of the burn mechanism. The figure on total supply, on the other hand, is certain. The eleventh-ranked cryptocurrency has rallied almost 10% ahead of a token burn scheduled next week. Who Owns The Most Shiba Inu (SHIB) Coins? One of Europes biggest ever crypto events, Block 3000: Blockchain Battle goes live, The Lost Wallet by NFC: Join our Treasure Hunt. The $LUNA in circulation: 6,535,104,248,122 Marketcap: $1,279,442,710 $LUNA What Is Terras (LUNA) Revival Plan 2.0? Essential app developers committing to launch on Terra will receive: Emergency allocation (0.5% of total supply): immediately after network launch to provide for runway while they build out product. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. All trading involves risks, so you must be cautious when entering the market. Once the proposal was passed through a community vote, 10% of LUNAs circulating supply was burned and the same was expected to reduce overtime. The purpose is to bring the cryptocurrency Terra Luna Classic (LUNC) back to the top after losing more than 99% 3 months ago. As soon as this statistic is updated, you will immediately be notified via e-mail. Terra Lunas Revival Plan 2.0 Thus in the first four months the overall program burned only about one million tokens per month, while since the burn program was launched on Binance more than 18 million have been burned per month. Like many, I lost big during the Terra collapse. But that plan failed, and hence, this new revival plan is now being put to use. M.Cap: 1,129,434,904,115.00 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. The idea behind this is to decrease the overall supply of Luna Classic, thus increasing the demand and value of the remaining tokens. Currently, you are using a shared account. To the upside, the first target to look for would be the high from October 2 of $0.00037, after which further upside towards $0.0006 could be in the cards. Luna Classic, Terra Classic's cryptocurrency, has a token burn program, with progress viewable on several trackers, that aims to reduce circulating supply on a regular basis. Overtime, hopefully more crypto Daily Burn Stats for Sat Sep 17 2022! Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Luna Classic Burn: How Many LUNC Have Been Burned So Far? The idea effectively generated a new layer-1 Terra blockchain without its algorithmic stablecoin. LUNC sent to the burn address comes in a variety of forms, but most notably is Binance. The Terra Classic (LUNC-USD) community is implementing a coin burn mechanism to try and lift up LUNC prices. 79 burns @ 4 BPH. ; The network has been struggling since its launch in late May. In, Statista. What is crypto mining and how does it work? lost a huge portion of my savings. Per data shared by LunaBurnTracker, an unofficial Twitter account that covers various Luna Classic burns, nearly 150 million LUNC tokens have been incinerated by investors in less than 72 hours. According to CoinGecko data, out of a total supply of more than 1 billion Luna tokens in circulation, there would be only 155 million in circulation. In addition, the burn mechanism creates deflationary pressure on the token, as the total supply of tokens decreases over time. 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. Burn tracker provides real time burn statistics of popular blockchain projects such as Shiba Inu, Doge coin, Baby Doge coin, Yooshi etc. Definitions: Pre-attack snapshot to be taken at at Terra Classic block 7544910 (2022.05.07 23:00:04+08:00) Welcome to #LUNCdash.com NOT FINANCIAL ADVICE! Only transactions that happen on chain can be taxed. Will the LUNC burn tax manage to reign in the hyperinflated supply? 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. Quick summary: By reducing the total supply of tokens, demand for Luna Classic increases, which leads to an appreciation of token value. But to no avail. Meanwhile, the original Terra (LUNA) naming was assigned to a new blockchain that launched in June 2022 with no algorithmic stablecoin functionality. warranties on accuracy. Community-Based Crypto: Terra FormLabs wallet address will be whitelisted for this particular airdrop of LUNA, and hence, only the community will be getting it. exchanges will join the burn. This move is aimed at decreasing the total number of tokens in circulation and ultimately benefiting the Terra Classic community. This will be a living document to coordinate the new network launch with the community. 24-hour trading volume is $48.39M USD. The Terra recovery plan launched Luna 2.0, meaning a Luna burn was not chosen as the way to save Luna. Essential app developers looking to join for emergency allocation should signal public support for the net network on Twitter and social channels. Even though the Luna 2.0 crypto exchange list grows, some exchanges previously vowed to burn Luna through their transaction fees. Please do not hesitate to contact me. LUNC is gaining traction in the community, but LUNA 2.0 is being left in the sand.As a community-led rehabilitation approach following the collapse of Terra/Luna, a Terra Luna burn may have been implemented. Data is updated every 5 minutes As. 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. The proposal body has also been edited to reflect the changes in the amendment. The protocol consists of two main tokens, Terra and Luna. You need at least a Starter Account to use this feature. This represents a -0.50% price decline in the last 24 hours and a -4.00% price decline in the past 7 days. Profit from the additional features of your individual account. Compared to the pre-implosion period, LUNC has lost almost 100% of its value, but compared to the lows at the end of June it has gained 280%. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains. Can This Work? Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. 109. Stablecoins: according to Reuters, the winner is Tether, AGIX: the crypto of the moment. Despite the major crash, LUNC has remained a top 50 token by market capitalization after massively increasing its token supply and is currently ranked as number 31 on CoinMarketCaps ranking. TERRA LUNA CLASSIC HUGE BURN || PRICE EXPLODING RIGHT NOW more to come ! It costs you nothing. 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. In May 2022, Terra Money tragically collapsed. UST or LUNA on Terra protocols that cannot be easily identified in return earning rewards from transaction fees for operating nodes on the Terra network. Terra investors continue to burn LUNC tokens. In Token Reset: The revival plan included a clause which said that the total new LUNA tokens in active circulation would be reset to 1 billion. Disclaimer : Please be aware that due to technical constraints, it is not possible to include all UST and LUNA holdings on Terra and other chains in the snapshots mentioned. donations are made by LUNC validators and community members. Now, a natural assumption would be that LUNAs circulating supply would trim down after the recent burns. This initially seemed to be the method favoured by Binance CEO CZ. As of February 2023, more than two-thirds of LUNC burned has been sent to a dead wallet directly, while about a third has been burned via the transaction tax. We use cookies to make sure you can have the best experience on our site. Here is the tracker that allows live monitoring of the burning of this crypto. "Once again, we don't have that kind of money," he said. New comments cannot be posted and votes cannot be cast. LUNC is the native token of the Terra Classic blockchain, which imploded this May, wiping out $60 billion in market value; the project's algorithmic stablecoin lost its peg to the dollar, and LUNC, the token that was supposed to be its stabilizer, fell into hyperinflation. Launchpad - StarTerra The creator of the Cardano blockchain on the regulatory attack on crypto: what is the trigger? Register in seconds and access exclusive features. 500K whale cap - covers up to 99.7% of all holders but only 26.72% of aUST The Luna Classic burn status is tracked by various websites that provide users with a chart that displays the number of tokens that have been burned since the burn mechanism initially went live, such as TERRARITY's LUNC Burner. (The Truth EXPOSED!) After the collapse of Terra Luna, Do Kwon came up with a plan to restore the ecosystem. With over 71.2% of LUNA's outstanding tokens having voted already, the original proposal brought up by Do Kwon appears to be on track to get approved as 66.2% of the votes have favored the fork . Notably, both the 20 and 50-day moving average lines are now below the price and pointing up, indicating that LUNC remains in a clear uptrend on the daily chart. that is what I counted as of now, I added all the transaction into excel and that is what it counted up to. Pi Network Mainnet: When Is Pi Coin Launching? Simple market research tools to help you buy bitcoin and other crypto assets. sgwashere29 . May 22, 2022 - Posted in terraluna by luna Do Kwon has given the community the official address for burning $LUNA The price has already gone up 70%+ in one hour as the community has decided to start burning the tokens. centralized exchanges like Binance and Kucoin. Terra Luna Classic: the burn program and trackers, In other words, the burn program is proceeding very slowly, so much so that the price of, Compared to the pre-implosion period, LUNC has lost almost 100% of its value, but compared to the lows at the end of June it, Binance and the Terra Luna Classic burn program. The Luna Classic burn mechanism works by automatically burning tokens whenever a transaction occurs on the network. 96,000,000 #LUNC ($26,244) burned to Luna Burn Wallet! We update our LUNC to USD price in real-time. Required fields are marked *. The #BurnLuna hashtag trended on Twitter throughout the voting process. Post-attack LUNA holders: 10% Before the collapse, the original LUNA token traded as high as $120. The community is now waiting for full integration of these proposals into the Luna Classic platform. With some Luna holders calling for TerraForm Labs or the Luna Foundation Guard to buy and burn the supply, users have questioned where these places would get the money to do such huge burns from. Binance also received $12 million worth of TerraUSD (UST) in staking rewards, which would be worth $74 million, if the ideal 1:1 ratio of UST had been maintained. $UST peg failure is Terras DAO hack moment - a chance to rise up anew from the ashes. 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. and others. There The new proposal suggests allocating 50% of the burned tokens to the community fund of Terra Classic, rather than 10% of newly minted LUNC. Read below to find out what it is and whether it can work? Good luck, internet stranger! If my work helps you, consider a small donation. 27,337,229 #LUNC ($7,914) burned! Source. Indeed, in late September the famous exchange announced the introduction of a burn mechanism on all fees on LUNC trading pairs, but as seen above this has only led to a slight acceleration of the process. The tracker shows data from May 2022, since earlier the monetary policy of the then Terra project was different. Games - UNOPND etc terra1u9a6k9wrp6v07gz34vpuyq3tyzg47qagc8wkmn. The Terra Classic community is currently voting on Proposal 11243, which aims to increase the gas fees for LUNC transactions by a factor of 5. Malviya said that investors who bought LUNA below $0.1 can make some profits. In conclusion, the community-driven proposals 3568 and 4059 have been passed with an overwhelming 99% approval from validators. 069336 LUNC 9,800,590,920. According to estimates, the tax burn rate will gradually increase to 5.2% in the near future, which would drastically increase the number of Terra Classic burned each day. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ". Despite the progress made so far, the community believes the number of burns will skyrocket once the 1.2% tax burn is implemented for all LUNC on-chain transactions. Distribution Mechanism: The new token LUNA will be airdropped (i.e., given for free) to all those who stake i.e., lock up or pledge their LUNA classic tokens, residual USTs, and other essential tokens of the Terra Classic ecosystem. Your email address will not be published. The partnership between Google Cloud and crypto project Casper Labs. Exploding RIGHT now more to come founded ilBitcoin.news and the Facebook group '' bitcoin Italia ( open and scam! Idea effectively generated a new Terra chain without the algorithmic stablecoin validators and community.. Be a living document to coordinate the new network launch with the community main,. This move is aimed at decreasing the total number of tokens decreases time... 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