Luna classic or LUNC (LUNC/USDT – Trade it here) started as the first Terra blockchain native token under the name LUNA. LUNC is the native token of the Terra Classic blockchain. However, it imploded this May, wiping out $60 billion in market value. The project’s algorithmic stablecoin lost its peg to the dollar, and the stabilizer token LUNC fell into hyperinflation. Basic information for their token is available on the MEXC Digital asset introduction page.
What is LUNC burn?
LUNC burn is seen as a potential recovery plan for the crashed Terra ecosystem.
LUNC burn is a program that victims of the Terra ecosystem collapse created to compensate them for their losses after an unfortunate event.
The goal is to bring the supply down to 10 billion.
Investors are urging themselves to voluntarily send a certain amount of LUNC tokens to burn wallets to reduce the cryptocurrency’s circulating supply.
The move resulted in the burning of many LUNCs within weeks. However, the community believes that if they implement a 1.2% tax burn on all on-chain LUNC transactions, they can accelerate LUNC consumption.
The proposal was implemented on the Terra Classic network last month, and the number of burns has skyrocketed since then. A total of 3.76 billion Luna Classic tokens have been burned per LUNC burn since the 1.2% tax break was launched.
Earlier this month, the LUNC token surged in anticipation of a community-approved plan to reduce the token’s hyperinflated supply.
The so-called “supply burn plan” aims to destroy – burn in crypto terms – 1.2% of every LUNC transaction on the blockchain. The mechanism doesn’t apply to buying and selling tokens on exchanges, MEXC voluntarily decided to adopt the supply reduction mechanism.
The mechanism of LUNC burn
The Terra recovery plan launched Luna 2.0, meaning a Luna burn was not chosen as the way to save Luna. It technically did have the same effect as a burn could in reducing the supply, although deciding to restart the chain was a more nuclear approach. This new chain will launch with 1 billion Luna, a huge decrease from 6.5 trillion.
By burning the Luna, holders hoped this would increase the scarcity of their coins, pushing the price back toward $1. However, you will need a major burn to restore the price. At the moment, there are a surplus of 1700% supplies.
1.2% burn tax:
On-chain: interaction, wallet transfer
Off-chain: Centralized exchange transaction fees
It is understood that the 1.2% burn fee is actually divided into two parts: on-chain and off-chain. On the chain, it refers to all interactions in LUNC and transfers between wallets. After September 12, 1.2% will be charged. The proposal was implemented on the Terra Classic network last month, and the number of burns has skyrocketed since then. Additionally, a total of 3.76 billion Luna Classic tokens have been burned per LUNC burn since the 1.2% tax break was launched.
The ranking of MEXC’s burning volume in the current exchanges
MEXC burns LUNC by repurchasing LUNC and burning it through the transaction fee of LUNC (more details), and MEXC supports LUNC upgrade and burning of LUNC Spot Trading Fees. Multiple cryptocurrency exchanges also contributed to the 13.7 billion LUNC burned in Luna Classic’s total supply. So far, MEXC is the platform with the most LUNC burnt among cryptocurrency exchanges, and the total burning volume has reached 1,005,374,420.218228 LUNC.
Recent Price & Performance of Luna Classic (LUNC)
Currently, their market price is $0.00017739 per unit. You can check the live price of their token right here!
How to buy Luna Classic (LUNC)
You can buy Luna Classic (LUNC) on MEXC by following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “LUNC” using the search bar to see the available trading pairs. Take LUNC/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of LUNC you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy LUNC] to confirm your order. You will find the purchased LUNC in your Spot Wallet.
Keep Yourself Updated With The Crypto Trend
Check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshots and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!
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