đ Hereâs How Much $LUNC Can Be Burned
As the $4.5 billion settlement in the legal case against #TerraformLabs obliges the Web3 company to seize its business, the assets in protocols such as Anchor or Mirror are bound to be burned soon. According to popular YouTuber and LUNC validator HappyCatKripto, four known wallets are tied to the Mirror protocol, which holds above 500M #tokens .
Paired with the funds on Anchor protocol, the #TerraClassic tokens waiting for the incinerator pile up to a hefty 275 billion coins, or roughly $22 million. This potentially opens doors for the most grandiose LUNC burn, with a quarter of a trillion #TerraLunaClassic tokens in one go.Â
âGetting those burns early will really provide the momentum we need,â spills out HappyCatKripto. Naturally, a burn of this magnitude would play out favorably in further coordination with Binance and other exchanges dedicated to the chainâs restoration efforts.
To achieve this, the validator urged the community to migrate Mirror and Anchor protocol contracts to a new code using a governance model similar to Risk Harbor. While both governance proposals are open for voting and discussion, the timeline of this grandiose burn has yet to be decided.
