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Here's When 10 Billion Terra Classic (LUNC) Burning Goal Will Be Reached

Fri, 12/16/2022 - 14:42
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Gamza Khanzadaev
Desired number of LUNCs in circulation is 10 billion tokens, but there is a catch
Here's When 10 Billion Terra Classic (LUNC) Burning Goal Will Be Reached
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According to the LUNC Tech portal, the goal of burning the Terra Classic token is to return its circulating supply to the level of 10 billion LUNC. Given that the figure currently stands at 5.973 trillion LUNC, 5.963 trillion tokens would have to be burned to achieve the goal.

The catch is that it would take 52 years and 8 months at the current burn rate to make this possible.

According to the same source, 34.8 billion LUNC have been burned to date, representing just 0.5% of the token's supply. At the same time, this does not yet take into account the monthly LUNC burn on Binance. In November, for example, the total number of LUNC burned was 6.39 billion tokens, equivalent to $1.19 million.

LUNC Price Suddenly Jumps 11% as Billions of Tokens Are Burned

Number of LUNC holders on rise

Despite the not-so-quick targets taking half a century, the balance of the largest LUNC-holding wallets has grown considerably over the past three months. Thus, while the top 10 and top 100 LUNC holders accounted for 7.88% and 31.27% of the token supply in mid-September, by now the figures are 11.96% and 34.25%, respectively.

LUNC, USTC Might Repeg Once This Requirement Is Met: Terra Developer

In addition, the number of unique addresses on the network increased during the reporting period. Thus, the number now stands at 12,075, an increase of 335 or 2.85%.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.