HomeAltcoinBig Shock in Terra Classic: 173 million more LUNCs were mined.

Big Shock in Terra Classic: 173 million more LUNCs were mined.


To boost the tokens’ value and long-term appeal, the Terra Classic community is dedicated to limiting the number of tokens in circulation.

In response to this circumstance, a proposal to apply a 1.2% combustion tax on each on-chain transaction was approved in September. Major exchanges like Binance have jumped on board to help the community’s effort to revive the faltering blockchain and bring it back to its former glory.

Only a few weeks after this combustion tax was implemented, trade volume significantly decreased, and a reduction to 0.2% was accepted.

However, several members of the community were dismayed to see that 173 million additional LUNCs had been mined with their permission.

The proposal to pay 10% of burnt LUNCs into a community fund for project development was approved on October 17. However, some people didn’t seem to be aware that this 10% were brand-new tokens. Additionally, the 10% refers to both token destructions that are done voluntarily and the on-chain tax.

Leave a Reply


The last phase of Ripple process has begun.

The ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has entered its final phase, according to Ripple CEO Brad Garlinghouse. Both...

Circle, a USDC issuer, has terminated its SPAC merger with Concord.

The circle was previously valued at $4.5 billion in July 2021, before being raised to $9 billion in February 2022. Circle, the creator of the USD...

For the community, the new Cardano algorithmic stablecoin reawakens old fears.

"I thought we already figured this out, algorithmic stablecoins aren't the best option," a Twitter user wrote. With the recent announcement that Cardano is on track...

Cryptocurrency exchange Kraken lays off 1,100 employees.

One of the biggest cryptocurrency exchanges in the world, Kraken, is reducing its workforce by about 30%, or 1,100 people, in order to "adapt to...

Follow us


Most Popular

%d bloggers like this: