The Terra Classic DFLunc project has been gaining popularity lately, thanks to its massive LUNC burn mechanism. Having burned nearly 2 billion LUNC tokens in just two weeks, the DeFi protocol aims to deflate the LUNC circulating supply more rapidly. As a result, the total LUNC burn has surpassed an impressive 57.8 billion tokens.
The DFLunc project outpaced Binance last month by burning 1.6 billion LUNC tokens compared to Binance’s 1.27 billion LUNC burn. The sizable LUNC token burn through the DFLunc Protocol has captured the attention of many in the crypto community. Consisting of multiple smart contracts, the DeFi protocol is designed to deflate LUNC supply via a continuous burn mechanism.
Acting as a validator for Terra Classic, the DFLunc Protocol enables users to mint its DFC token solely by burning LUNC tokens. It employs two CosmWasm-based smart contracts, DFLunc and CW20-DFC, and users can burn LUNC by paying the USTC protocol fees needed for minting DFC tokens. Importantly, staking more through the validator results in the DeFi protocol burning even more LUNC tokens.
With a strategic plan divided into various stages aimed at growing its validator on the Terra Classic chain, the LUNC burn is still ongoing through the protocol’s contact address. The Terra Classic core developer Joint L1 Task Force (L1TF) is even preparing for a v2.0.1 upgrade as the community successfully passed Proposal 11511.
Scheduled for May 17, the Terra Classic blockchain will halt at block 12,812,900, followed by the Cosmwasm 1.1.0 Parity upgrade on May 31. This upgrade includes several key features, such as a minimum initial deposit for governance proposals to prevent spam, upgraded Cosmos SDK and Tendermint, and improved code maintainability.
LUNC price has gained momentum, with a 1% increase in the last 24 hours, currently trading at $0.000090. Traders have taken note – the trading volume has significantly increased in the past 24 hours as interest grows.
While the massive LUNC burn affects the circulating supply, it’s essential to do thorough market research before investing in cryptocurrencies, as the opinion of the author should not be taken as financial advice. So, to make informed decisions in this rapidly evolving market, stay up to date on the latest news and trends.
Source: Coingape
