Terra Classic validator Classy’s Crypto Sphere has burned nearly 13 million LUNC tokens in a single transaction on Wednesday. The total number of LUNC tokens burned by the community has now reached over 36.231 billion. The Classy’s Crypto Sphere validator is associated with Terra Classic influencer ClassyCrypto.

ClassyCrypto Contributes Terra Classic (LUNC) Burn Effort

Terra Classic influencer ClassyCrypto in a tweet on December 21 announced officially burning 100% of its LUNC validator commission. The burn included Classy’s Crypto Sphere validator commission of nearly 8 million LUNC tokens, ad revenue from LUNC videos on YouTube, and others.

ClassyCrypto said they have burned almost 13 million LUNC tokens after a 0.2% burn tax. He also shared the transaction details of sending LUNC to the burn address. It shows 12,787,487.63 LUNC tokens sent to the burn address, with 25,575 LUNC tokens as transaction fees.

“I also burnt all of the ad revenue our LUNC videos on YouTube have generated this month. Our LUNC focus is burning.”

Other Terra Classic community members thanked ClassyCrypto for doing was he promised and contributing to the burn effort of the community.

On Tuesday, ClassyCrypto tweeted that Classy’s Crypto Sphere validator is moving to a 100% commission-burned model. It will be “moving toward a 100% non-profit, 100% for the community model.” He revealed the plan to burn billions of LUNC tokens in 2023.

The Terra Classic community has burned over 36.231 billion LUNC tokens until now. Most of the burn is contributed by crypto exchange Binance, with over 20 billion LUNC tokens burned. Also, the community has burned over 11 billion LUNC tokens through burn tax.

LUNC Price Falls Amid Market-Wide Selloff

LUNC price currently trades at $0.00013, down 3% in the last 24 hours. The LUNC price saw massive selling amid selloffs seen in the broader crypto market. The 24-hour low and high are $0.0001295 and $0.0001354, respectively.

Terra Classic core developers Edward Kim and Zaradar quit Terra Rebels, putting the future of LUNC in question. However, it was later revealed that Edward Kim and Zaradar will work in a new team and continue contributing to the developments.

Also Read: Here’s How Much Your $100 Investment in Terra Classic Will Be Worth If LUNC Reaches $1

The post LUNC News: Terra Classic Validator ClassyCrypto Burns 13 Million LUNC appeared first on CoinGape.

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Filed under: News - @ December 21, 2022 4:22 pm