The community is optimistic about Terra Classic’s comeback with the v2.1.0 parity update.
Over 63 billion LUNC tokens have been burned by the community so far.
Staking in Terra Luna Classic (LUNC) has achieved a new record high of 1 trillion. Since last year, when a team of developers lead by professor Edward Kim introduced staking to Terra Classic, the community has been patiently waiting for this momentous accomplishment.
Around a trillion LUNC, or roughly $100 million worth of LUNC, have been staked, bringing the staking ratio to a record-high 14.61 percent. This means that out of a total of 6.84 trillion Terra Luna Classic (LUNC), only 5.8 trillion are now in circulation.
All Eyes on Upcoming Upgrade
As more users stake LUNC tokens on the chain in exchange for incentives, interest in Terra Classic rises. The community has increased hope for Terra Classic’s comeback with the v2.1.0 parity update, the USTC repeg, the AI app chain Block Entropy, and the reopening of Terraport DEX.
It’s important to note that staking does not mean that LUNC will be taken out of circulation permanently; rather, it helps raise the value of LUNC, as well as the safety of the Terra Classic network. It helps spread awareness of Terra Luna Classic and inspires trust in the chain’s validators.
In addition, the community of Terra Luna Classic burns LUNC to diminish the amount in circulation. Over 63 billion LUNC tokens have been burned by the community so far. As of the 10th of June, the community has burnt almost 2 billion LUNC, with 1.04B LUNC sent to the burn address by Binance. In addition, the LUNC burn rate accelerated during the second quarter.
Since the community approved the plan, the Joint L1 Task Force (L1TF) of Terra Luna Classic core developers has begun preparing for the v2.1.0 Parity upgrade. CosmWasm v1.1.0, two new security patches, and a minimum 5% fee for validators are all part of the major v2.1.0 release.
Despite the market-wide selloff today, LUNC’s price is up 4.3% as per CMC. After the June 14 Parity update, however, the price of LUNC is expected to rise further.