Members of the Terra Classic community have reportedly burnt 3.08 billion tokens.
The upgrade was scheduled for around 2022-08-26 at 22:00 UTC.
Since the community burn campaign has grown, the value of LUNC has increased by 13%. Luna Classic (LUNC) and UST Classic (USTC), two tokens in the Terra ecosystem, have been the subject of much controversy as of late. The tokens, and LUNC in particular, have attracted the attention of crypto investors, driving up the asset class’s price.
The value of LUNC has increased by 13% in the last 24 hours, 32% in the last 7 days, and 35% in the last month, as measured by statistics from CMC. Because of the recent events surrounding the LUNC project, investors have shown sustained interest in cryptocurrency, making this feasible.
Community Efforts
Members of the Terra Classic community have reportedly contributed billions to a burn wallet address according to a Twitter account named LUNC Burn. The goal of the LUNC burn campaign is to increase the value of the cryptocurrency by decreasing the amount of currency currently in circulation. The project seems to be proceeding without a hitch thus far.
One may recall that the project’s developers, in a bid to make investors whole after the May drop in Terra ecosystem tokens, developed a new chain and tokens. But not all investors thought it was a great approach to make up for their losses.
Meanwhile, the Terra team recently announced that the Terra Classic chain will be updated. Upgrade was scheduled for around 2022-08-26 at 22:00 UTC, which equates to a block height of 9,109,990. Many prominent exchanges, including Kucoin, Crypto.com, Bybit, FTX, Kraken, Poloniex, Huobi, and Binance, have shown their willingness to embrace the update.