$LUNC The amount of LUNC and USTC that was consumed by the fire
The Terra Classic community was delighted to learn how many LUNC and USTC tokens were burned last week. Burning a large number of LUNC and USTC tokens at this time could increase the value of the crypto tokens.
LUNC/USTC burned
Informed the community of the 700 million LUNCs and 230,000 cremated last week. This is also supported by LUNCMetrics data.
The Terra ecosystem had to step up token burning after the collapse of Terra LUNA to restore LUNC and USTC tokens. Since the collapse of LUNA on May 13, 2022, 94.31 billion LUNC tokens and 1.50 billion USTC tokens have been burned and destroyed.
This burning project forced the community to vote on a proposal to burn 800 million USTC tokens. The project was rejected for legal reasons.
Other efforts from the Terra community have contributed to this comeback. A promising concept has just been rejected by the community. The Terra blockchain development team has studied compatibility with the Ethereum Virtual Machine (EVM).
Terra's EVM compatibility allows additional money to enter the ecosystem, which could increase LUNC and USTC values. However, other validators expressed concern about the resources needed to undertake such a project and voted against the plan.
Another setback for the Terra community
The Terra community was hit again when Terraform Labs filed for bankruptcy. Due to the crypto company's ties to Terra, LUNC and UST coins have declined significantly. This could potentially trigger a rough patch for the community's attempts to resurrect both tokens.
How to buy, sell and trade Optimism Network Tokens
As part of the bankruptcy proceedings, the crypto company could sell LUNC and USTC, which could lower their prices. Terraform Labs is in legal trouble as the court ruled that LUNA and TerraUSD were unregistered securities.
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#LUNK
