The Terra Classic (LUNC) community is constantly exploring and proposing mechanisms to reduce the massive supply of its token, with the aim of increasing its value and long-term stability. Here is a summary of recent and ongoing burn proposals and efforts:
Existing and Ongoing Burn Mechanisms:
On-chain Burn Tax:
This is a fundamental mechanism implemented by the LUNC community. A portion of the transaction fees on the Terra Classic network is burned, reducing the circulating supply with each transaction on the blockchain.
Binance Burns:
Binance, the largest cryptocurrency exchange, has been a key player in the LUNC burn efforts. They burn a portion of the LUNC trading fees charged to users. These burns are significant and contribute a large portion of the total tokens burned. Recently, there has been talk of possible large LUNC burns on the horizon from Binance, which has historically had a positive impact on the price.
