Crypto News

Over 700 Million LUNC And 230,000 USTC Burned By Terra Classic Community

Over 700 Million LUNC And 230000 USTC Burned By Terra Classic Community

The Terra Classic Community found a reason to celebrate recent revelations about significant token burns, providing a ray of hope amidst adversity.

According to reports, significant burns of LUNC and USTC tokens have occurred in the last week, which could have a positive impact on the prices of these cryptocurrency tokens.

In a recent X (formerly Twitter) post, AlexCryptoBull, an active member of the Terra community, highlighted the burning of 700 million LUNC and 230,000 USTC tokens in the last week, which is supported by LUNCMetrics data.

The Terra ecosystem has been actively pursuing token burns, particularly after the Terra LUNA crash, with a focus on revitalizing LUNC and USTC tokens. Since the LUNA crash on May 13, 2022, 94.31 billion LUNC and 1.50 billion USTC tokens have been burned.

A previous proposal to burn 800 million USTC tokens was rejected due to legal concerns, demonstrating the community’s cautious approach to such initiatives.

Despite these efforts, the Terra community has experienced setbacks, including the recent bankruptcy filing of Terraform Labs, a key player in the Terra ecosystem.

The ties between the crypto firm and the Terra ecosystem resulted in significant drops in LUNC and UST token prices. This development presents challenges to the community’s ongoing efforts to revive both tokens.

Tags

Nola Robert is considered a thought leader in crypto industry, and her work is widely read and respected by industry professionals, investors, and enthusiasts alike. Nola is also known for her ability to explain complex topics in an easy-to-understand manner, making them accessible to a wider audience.