Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. As a Premium user you get access to background information and details about the release of this statistic. What is crypto mining and how does it work? Create a new Terra chain without the algorithmic stablecoin. Proposal 44 will burn 90 million LUNA tokens held in Terra's community pool, minting almost $4 billion worth of the network's native UST stablecoin. The Luna Classic burn mechanism works by automatically burning tokens whenever a transaction occurs on the network. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. 200195 LUNC Read along to find out. If youve already voted and disagree with the changes, please vote No - you have 5 more days to do so. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Research expert covering finance, insurance & real-estate, internet & e-commerce, Profit from additional features with an Employee Account. The new proposal suggests allocating 50% of the burned tokens to the community fund of Terra Classic, rather than 10% of newly minted LUNC. Staking is the process of holding a certain amount of tokens in a wallet, and in return, the staker is rewarded with a certain percentage of interest on those tokens. Insurance - Risk Harbor The Luna Classic burn status is tracked by various websites that provide users with a chart that displays the number of tokens that have been burned since the burn mechanism initially went live, such as TERRARITY's LUNC Burner. terra1u9a6k9wrp6v07gz34vpuyq3tyzg47qagc8wkmn. 1/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live. These include algorithmic buybacks that are triggered when certain conditions are met, such as when the price goes above a predetermined level. Allnodes publicly announced their support for the new proposal to reduce the tax to 0.2% via Twitter, stating that it was necessary for the Terra Classic community to bring the rate back to 1.2%. 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff As for the new Terra project, there is the big unknown of how it can evolve without Do Kwons key contribution. Terra Classic is +0.01% in the last 24 hours. 6,869,510,666,331. Community-Based Crypto: Terra FormLabs wallet address will be whitelisted for this particular airdrop of LUNA, and hence, only the community will be getting it. But to no avail. The community is now waiting for full integration of these proposals into the Luna Classic platform. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Will the LUNC burn tax manage to reign in the hyperinflated supply? Nothing sparks demand quite like decreasing supply. 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A 20-year trader share his ways to profit, How to buy, sell and create NFTs on OpenSea. Despite the Terra Luna vote approving a new chain, much of the Luna community seemed in favour of a burn. through links on our site, we may earn an affiliate commission. from a hard fork. In fact, post-Terra's Columbus-5 upgrade, LUNA has seen smooth sailing. centralized exchanges like Binance and Kucoin. The old chain to be called Terra Classic (token Luna Classic - LUNC), and the new chain to be called Terra (token Luna - LUNA) Statista. In Can Luna Classic (LUNC) Rise to $1? While it is hard to imagine Luna Classic reaching $1 or even $0.10 given its current tokenomics (at $1, LUNC would have a market cap of over $5 trillion, which just isnt feasible), the price of LUNC is predicted to increase substantially in 2023, in large part thanks to Luna Classic burns. In conclusion, the community-driven proposals 3568 and 4059 have been passed with an overwhelming 99% approval from validators. Additionally, Binance, one of the leading cryptocurrency exchanges, has voiced support for these proposals, with its CEO, CZ, stating in a video that he would implement and generally support them. Aptos price prediction: Is APTtoken a good investment? Stablecoins: according to Reuters, the winner is Tether, AGIX: the crypto of the moment. Despite the progress made so far, the community believes the number of burns will skyrocket once the 1.2% tax burn is implemented for all LUNC on-chain transactions. In fact, he is wanted by police in South Korea, his home country, who would like to arrest him. TerraUSD, Terra's native stablecoin, is backed by LUNA. Since then a burn program has been initiated, but it is proceeding very slowly. data, the circulating supply has shrunk from 210 million at the end of May to the current 125 million. Furthermore, some exchanges like Binance are implementing the Luna Classic burn mechanism even on trades facilitated by the exchange. This is to ensure that depeg related allocation is on par with the original stakeholder (pre-attack Luna) allocation. Though the trade in the toke was halted and it was delisted from a number of Indian exchanges. So far, in five months, only 22.7 million tokens have been burned, or only 0.33% of the total. 1,221,968 #LUNC ($216) burned to Luna Burn Wallet! terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu, terra18vnrzlzm2c4xfsx382pj2xndqtt00rvhu24sqe, terra1sq6th05hdwwwxvymzytc93lvhjxyx4pkjurhgj, terra1w8nc8ev0ylg97qnj080np4lnljngdvpd90ev63, terra13s4gwzxv6dycfctvddfuy6r3zm7d6zklynzzj5, terra120ppepaj2lh5vreadx42wnjjznh55vvktwj679, terra1v74a5u6qsjuj4gu6at9yn4p35uctcz82f02fau, terra1rvxcszyfecrt2v3a7md8p30hvu39kj6xf48w9e, terra1akdd36ty2hvmfqqr7zt8jqpte0r7d37e5rynuw, terra153mwt0upple9klvrryrtckx9vneguw6ja33d3c, terra1j435gkgg8d0qadjcn09s73rtk5k3ftrx7mc4a8, MsgSend: Transfers from one wallet to another, MsgMultiSend: Multiple senders/receivers in a single transaction, MsgSwapSend: Swapping coins/tokens and sending to a wallet, MsgInstantiateContract: Creating a new smart contract, MsgExecuteContract: Smart contract transaction. Available: https://www.statista.com/statistics/1317271/luna-burn-rate/, Share of circulating supply of Terra Classic (LUNC) burned on the blockchain address shared by Do Kwon on May 21, 2022, up until October 4, 2022, Available to download in PNG, PDF, XLS format, TerraClassicUSD USTC/USD price history up until October 20, 2022, 10-day Terra LUNA/USD realized volatility until May 12, 2022, Daily Terra Classic (LUNC) market cap history up until August 2, 2022, Daily TerraClassicUSD (USTC) market cap history up until August 2, 2022, Market cap of 120 crypto - incl stablecoin, NFT, DeFi, metaverse - in November 2022, Terra Classic (LUNC) dominance history up until July 7, 2022, TerraClassicUSD (USTC) dominance history up until July 7, 2022, Market dominance of 12 cryptocurrencies on November 15, 2022, Terra (LUNA) daily transaction volume up until March 23, 2022, Monthly active Terra (LUNA) addresses 2021-2022, Terra (LUNA) gas price history up until March 23, 2022, Transaction speed ranking of 69 crypto - including DeFi and metaverse - in 2022, Daily Terra (LUNA) trading volume history up until May 16, 2022, Daily TerraUSD (UST) trading volume history up until March 22, 2022, Biggest Terra (LUNA) exchanges based on 24h volume on March 24, 2022, Biggest TerraUSD (UST) exchanges based on 24h volume on March 24, 2022, Terra (LUNA) Sharpe ratio until March 23, 2022, TerraUSD (UST) circulating supply history up until July 7, 2022, Top 20 cryptocurrencies with the most value being staked as of November 11, 2022, Terra (LUNA) largest staking pools as of March 24, 2022, Maximum/current supply of 100 cryptocurrencies worldwide as of February 21, 2023, Monthly market share of 16 different crypto exchanges 2021-2023, Daily 24h volume of all crypto combined up until November 10, 2022, Solana (SOL) circulating supply history up until November 10, 2022, Quarterly number of crypto users in Germany 2021-2022, Quarterly number of crypto users in the U.S. 2021-2022, Quarterly number of crypto users in Mexico 2021-2022, Quarterly number of crypto users in Brazil 2021-2022, Quarterly number of crypto users in France 2021-2022, Quarterly number of crypto users in Italy 2021-2022, Quarterly number of crypto users in the UK 2021-2022, Information sources for cryptocurrency investing among users of Huobi 2022, Bitcoin (BTC) circulating supply history up until November 14, 2022, Crypto adoption in the U.S. as of November 2022, by age and gender, The 23 most popular crypto exchanges in the U.S. 2022, Weekly market cap of all cryptocurrencies combined up until February 2023, Top 100 crypto exchanges in the world based on 24h trade volume on November 14, 2022, Cardano (ADA) circulating supply history up until July 7, 2022, Find your information in our database containing over 20,000 reports. Terra investors continue to burn LUNC tokens. Terra might take some time to get back on track as it has been dipping continuously for the past week, but market trackers suggest that investors need to be cautious. Network security to be incentivized with token inflation. Where can you see real time the burning of the Terra Classic network? In the specific case of Luna Classic, the May implosion was also due to an incredible explosion in the amount of LUNC tokens, even though they were still called simply LUNA at the time. The Terra Rebels are now working diligently to implement these updates to the Luna Classic platform, with Proposal 3568 aiming to decrease the overall supply of Luna Classic by implementing a transaction-based burner tax and Proposal 4059 focused on reintroducing the staking functionalities to the platform, both of which are expected to have a positive impact. 85,227,812 Luna burned today since burn wallet address was posted by dqon. Not everyone in the cryptocurrency community was in favour of a Luna burn. following types: On the LUNA Classic chain, there is an official wallet address that will automatically burn any LUNC Metrics was built to track analytics on the LUNA Classic chain, with revitalization work led The Even though the Luna 2.0 crypto exchange list grows, some exchanges previously vowed to burn Luna through their transaction fees. not much, but it is a start and the burns keep coming. May 22, 2022 - Posted in terraluna by luna Do Kwon has given the community the official address for burning $LUNA The price has already gone up 70%+ in one hour as the community has decided to start burning the tokens. Users burn Luna to mint Terra and burn Terra to mint Luna, all incentivized by the protocol's algorithmic market module. As. Terra Luna Classic price has increased by almost 60% in the last few days. Yesterday, September 28, only 158,917,653 LUNC tokens were burned, far from the maximum of 467,117,204 LUNC burned reached a few days ago. Dex - Astroport, Loop, Terraswap, Pheonix Due to systemic hyper-inflation, LUNA supply went from a few hundred million to 6.9 Trillion. Terra Station has a large install base, with million+ users across the world Burn alert! Then this fee is used to acquire and subsequently "burn" or erase Luna Classic tokens. M.Cap: 1,115,401,656,813.00 Compared to the pre-implosion period, LUNC has lost almost 100% of its value, but compared to the lows at the end of June it has gained 280%. The next burn is scheduled for Tuesday, October 11, at 00:00 UTC. These numbers give an idea of the potential impact if these proposals were implemented by other major exchanges as well. 79 burns @ 4 BPH. Controlled by staked governance Read below to find out what it is and whether it can work? 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