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- DeFi protocol DFLunc has overtaken Binance with 1.5 billion LUNC tokens burnt since the start of May.
- The Lunc Burn Army recently submitted proposal 11511 to bring specific improvements to the Terra Classic chain along with an upgrade to v2.0.1. LBA.
As per the latest development, a new Terra Classic Project dubbed DFLunc has been recently burning many Terra Classic (LUNC) tokens. Over the last few days, DFLunc has burned more than 1.5 billion LUNC tokens, deflating the circulating supply more rapidly. As a result, the total burned LUNC has now surpassed more than 57 billion.
This massive burning of the LUNC tokens comes just around the time of Terra LUNA’s crash anniversary. With the recent development, DFLunc has surpassed Binance which recently burned more than 1.27 billion LUNC earlier this year on May 1, as part of its monthly LUNC burning mechanism. So far, the total LUNC burns by binance has crossed 31.83 billion.
Interestingly, after the Binance burns, the LUNC burn rate has continued to rise with the community burning millions of new LUNCs with this new protocol. The DFLunc protocol is a decentralized finance (DeFi) protocol consisting of several smart contracts and aims to deflate the LUNC supply using a continuous burn mechanism.
The DFLunc protocol is also a validator for Terra Classic and will allow users to mint the DFC tokens only by burning the LUNC tokens. It shall mint two smart contracts based on CosmWasm — DFLunc and CW20-DFC. In DFLunc, users burn Terra Classic (LUNC) by paying USTC as protocol fees to mint the DFC tokens.
This protocol aims toward the growth of validators on the Terra Classic blockchain and has divided its plans into different stages.
Terra Classic v2.0.1 Goes Live In a Week
The Terra Classic community continues to make progress on the network revitalization plan. In the latest move, the proposal seeks community consensus on upgrading the chain to v2.0.1.
The Lunc Burn Army recently submitted proposal 11511 to bring specific improvements to the Terra Classic chain along with an upgrade to v2.0.1. LBA.
https://twitter.com/luncburnarmy/status/1656034664052666368
This upgrade will review the minimum initial deposit required for submitting governance proposals in order to mitigate incidents of spam along with facilitating an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24. As we know, the Terra Classic blockchain runs on the Cosmos SDK framework and uses the Tendermint consensus protocol.
Just with six days left in voting, the proposal has a staggering 99 percent votes for “Yes”. Once the community passes the proposal, the upgrade will occur on May 17. Thus, it will bring the Lunc blockchain one step closer to parity with the Cosmos and Luna 2.0 networks.
The recent development could push LUNC prices higher. After a strong downtrend in April last month, LUNC is showing a major upward momentum over the last week.
