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- The community holds a positive outlook regarding the resurgence of Terra Classic with the v2.1.0 parity update.
- To date, the community has burned over 63 billion LUNC tokens.
Staking within Terra Luna Classic (LUNC) has reached an unprecedented milestone of 1 trillion. Since the introduction of staking to Terra Classic by a team of developers led by professor Edward Kim last year, the community has been eagerly anticipating this significant achievement.
Approximately a trillion LUNC, equating to around $100 million in value, have been staked, resulting in a staking ratio that has hit a record-high of 14.61 percent. This indicates that out of a total of 6.84 trillion Terra Luna Classic (LUNC), only 5.8 trillion are currently in circulation.
Focus on Upcoming Upgrade
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As more users stake LUNC tokens on the blockchain for rewards, interest in Terra Classic continues to grow. The community’s optimism for Terra Classic’s revival has increased with the v2.1.0 parity update, the USTC repeg, the AI app chain Block Entropy, and the reopening of Terraport DEX.
It is crucial to understand that staking does not imply that LUNC will be permanently removed from circulation; instead, it contributes to enhancing the value of LUNC and the security of the Terra Classic network. It aids in promoting awareness of Terra Luna Classic and fosters confidence in the chain’s validators.
Moreover, the Terra Luna Classic community actively burns LUNC to reduce the circulating supply. So far, over 63 billion LUNC tokens have been incinerated by the community. As of June 10, nearly 2 billion LUNC have been burned, with 1.04 billion LUNC sent to the burn address by Binance. Additionally, the LUNC burn rate saw an increase during the second quarter.
Following the community’s approval of the plan, the Joint L1 Task Force (L1TF) of Terra Luna Classic core developers has commenced preparations for the v2.1.0 Parity upgrade. The significant v2.1.0 release includes CosmWasm v1.1.0, two new security patches, and a minimum 5% fee for validators.
Despite a market-wide selloff today, LUNC’s price has risen by 4.3% according to CMC. Following the Parity update on June 14, the price of LUNC is anticipated to increase further.
