Terra Classic DFLunc Burns Over 2 Billion LUNC Tokens, Surpassing Binance’s Monthly Burn
In recent reports, the new project Terra Classic DFLunc has been gaining popularity due to its massive token burn mechanism. In just two weeks, the project has burned nearly 2 billion LUNC tokens.
The DeFi protocol was launched in April 2023 to expedite the reduction of circulating LUNC supply by burning billions of tokens. With the massive LUNC burn protocol, the total number of burned LUNC tokens has exceeded 57.8 billion.
Meanwhile, Binance burned 1.27 billion LUNC tokens as part of its monthly burn mechanism on May 1st. As of now, Binance has burned a total of 31.83 billion LUNC tokens.
On May 12th, DFLunc shared on Twitter that they have burned over 1.6 billion LUNC tokens through the DFLunc protocol, surpassing Binance’s burn of 1.27 billion LUNC tokens.
The DFLunc Protocol serves as the validation layer for Terra Classic, allowing users to mint DFC tokens by burning LUNC tokens.
DFLunc utilizes two CosmWasm-based smart contracts, DFLunc and CW20-DFC. Users stake LUNC by paying USTC as a protocol fee to mint DFC tokens. Betting more through the validation layer will result in burning more LUNC tokens through the DeFi protocol.
The protocol has also outlined its plan in different stages to ultimately develop its validation layer on the Terra Classic chain.
According to research, the Joint L1 Task Force of Terra Classic’s core developers is preparing to upgrade to V2.0.1 as the community successfully passed proposal 11511. At that time, the Terra Classic Blockchain will halt at block 12,812,900, estimated to be on May 17th. Next is the upgrade of Cosmwasm 1.1.0 Parity on May 31st.
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