🌖 Long-Term Supply Trend
The second image presents a broader view, covering the #LUNC✅ supply from March 2024 to June 2024. The total supply was recorded at 6,781,738,369,201 LUNC, with a decrease of 1,799,065,981 $LUNC in the latest week.
On-chain data confirms that the latest burn, which involved exactly 1,701,046,397 (1.701 billion) LUNC, occurred on July 1 at 10:20 UTC
The chart provided by Rexyz reveals a consistent decrease in supply over several months, with more pronounced drops towards the end of the period. This aligns with the recent burn event at the start of July, reflecting Binance’s ongoing efforts to reduce the LUNC supply through increased trading activity.
Community Efforts and Additional Burns
In addition to Binance’s burns, the #TerraLunaClassic community has been proactive in reducing the LUNC supply. As the native LUNC coin faced challenges from the crypto bears since June, community developers proposed faster ways to decrease supply.
The #TerraClassic Foundation recently announced the exclusion of over 12 billion LUNC and 68 million $USTC from circulation through specific contracts. These contracts include Anchor bLuna Rewards and Lido Rewards Dispatcher, with funds locked since a Lido DAO proposal passed in June 2022.
Previously, the community voted on Proposal 12098, which aims to review the LUNC burn tax to fund the Oracle pool.
This proposal, initially suggested by StrathCole, seeks to modify the burn tax distribution. It proposed allocating 80% towards burning, 10% to the Community Pool, and 10% to the Oracle Pool, ensuring block rewards consist solely of gas fees.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The @WISE CRYPTO NEWS ’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The @WISE CRYPTO NEWS is not responsible for any financial losses.
