DFLunc, a new project on Terra Classic that has gained popularity for its massive LUNC burns, has burned almost 2 billion LUNC tokens in two weeks. The DeFi protocol was launched in April to more quickly extinguish the supply in the LUNC circulation by burning billions of tokens. With the massive LUNC burn by the protocol, the total LUNC burn exceeded 57.8 billion.
DFLunc Burns 2 Billion Terra Classic Tokens
Binance burned 1.27 billion LUNC on May 1 as part of its monthly LUNC burn mechanism. Binance has burned 31.83 billion LUNC tokens so far.
On May 12, DFLunc shared on Twitter that it had burned more than 1.6 billion LUNC, surpassing Binance’s 1.27 LUNC burn. The Terra Classic community has burned almost 2 billion LUNCs through the DFLunc Protocol, which is starting to gain attention. The DeFi protocol consists of multiple smart contracts to reduce the supply of LUNC through a continuous burn mechanism.
The DFLunc Protocol also serves as a validator for Terra Classic, allowing users to create the DFC token simply by burning LUNC tokens. CosmWasm – uses two smart contracts based on DFLunc and CW20-DFC. Users burn LUNC by paying USTC as a protocol fee to create DFC tokens. Staking more through the validator allows them to burn more LUNCs by the DeFi protocol.
The protocol had divided its plan into different phases, ultimately aimed at the growth of its validator on the Terra Classic chain. According to the available data, the protocol is still burning LUNC through the contact address. The total number of LUNC tokens burned by the community has now reached 57.8 billion.
LUNC Price Gains Momentum
Terra Classic core developer Joint L1 Task Force (L1TF) is preparing for the v2.0.1 upgrade as the community successfully passed Proposal 11511. The Terra Classic blockchain will stop at block 12,812,900 on May 17 at 17:11 UTC. This will be followed by the Cosmwasm 1.1.0 upgrade on May 31.
This upgrade includes several critical features such as a minimum initial deposit for governance offerings to prevent spam, upgraded Cosmos SDK and Tendermint, and improved code maintainability.
LUNC price has dropped 1% in the last 24 hours and is currently trading at $0.00008988. The 24 hour low and high price were $0.000088 and $0.000091 respectively. Also, the trading volume has increased significantly in the last 24 hours, indicating increased interest among traders.
