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- Terra Luna Classic (LUNC) staking surges to a historic high of 1 trillion, reducing the circulating supply of LUNC to 5.8 trillion from a total of 6.84 trillion.
- The Terra Luna Classic community’s burning initiative has eliminated 63 billion LUNC from circulation, further strengthening the coin’s potential price rally.
Terra Luna Classic (LUNC) has reached a groundbreaking milestone with staking volumes escalating to 1 trillion, a landmark achievement the community has been eagerly awaiting since staking was introduced to Terra Classic last year under the guidance of Professor Edward Kim’s development team. This milestone amounts to approximately $100 million, and the staking ratio has surged to a record-breaking 14.61 percent. Consequently, the circulating supply of LUNC has dipped to 5.8 trillion from an initial total supply of 6.84 trillion.
The allure of Terra Classic continues to grow, with an increase in LUNC tokens being staked on the chain for rewards. The community’s optimism about a Terra Classic resurgence is further bolstered by developments such as the v2.1.0 parity upgrade, USTC repeg, the AI app chain Block Entropy, and the Terraport DEX relaunch.
While staking doesn’t necessarily signify a permanent LUNC removal from circulation, it does play a vital role in enhancing LUNC prices and solidifying Terra Classic network security. It also boosts Terra Luna Classic’s visibility and strengthens the confidence of validators on the chain.
Additionally, the Terra Luna Classic community has been actively burning LUNC to curtail the circulating supply. The community’s collective efforts have resulted in over 63 billion LUNC tokens being burned, with over 2 billion LUNC incinerated as of June 10 and Binance contributing 1.04 billion LUNC to the burn address. Notably, the LUNC burn rate has amplified in the second quarter.
The impending v2.1.0 Parity upgrade is another significant boost for the Terra Luna Classic network. The Joint L1 Task Force (L1TF), the core developer of Terra Luna Classic, has commenced preparations for this pivotal upgrade, which received the community’s approval. The upgrade incorporates numerous features, including a minimum 5% commission for validators, CosmWasm v1.1.0, and two security updates, among others.
Although the LUNC price has dipped by 12% amidst a market-wide selloff, it remains one of the few cryptocurrencies to hold its ground this week. Currently trading at $0.000086, the LUNC price shows potential for a rebound following the Parity upgrade scheduled for June 14.
