Terra Classic Validator Aims to Revitalize Terra Luna Classic Currency
Popular community member, ClassyCrypto, unveils plans to burn billions of Terra Luna Classic (LUNC) tokens with the goal of restoring validator burns in an effort to resuscitate the LUNC’s price to its initial dollar value. To achieve this, ClassyCrypto, through his validator, ClassySphere, plans to burn 100% of the validator’s commission until the close of the year.
ClassyCrypto’s Announcement
ClassyCrypto’s announcement of his plan to burn all commissions garnered sparked a massive reaction from other community members. This reaction resulted in members redelegating their staked LUNC into ClassySphere validator in tremendous proportions.
Validator Burns Revival
In an attempt to reignite the LUNC $1 burn narrative within the Terra Luna Classic community, ClassyCrypto announced his intention to maintain validator burns through ClassySphere. His plan aims to counteract the halt in contributions towards the LUNC burn campaign by various validators. The end goal of this initiative is to lessen the circulating supply of LUNC.
- The Terra Luna Classic community has shown full support for this initiative and has begun to redelegate their staked LUNC with ClassySphere.
- As a result of the community’s re-delegation, the total amount of LUNC staked with ClassySphere soared from 8.81 billion to 9.86 billion LUNC tokens.
- This re-delegation increased ClassySphere’s voting power to 0.96%.
Source: StakeBin
Previous Validator Burns
Last December, ClassyCrypto managed to burn 13 million LUNC tokens through ClassySphere. His target is to burn billions of LUNC tokens and kicked off the initiative with burning millions. In a recent decision, the minimum validator commission was changed to 5% for all validators.
Community’s Burn Initiative
On the broader scale, the Terra Luna Classic community is currently on a mission to burn trillions of LUNC tokens through a USTC repeg initiative. Thus far, they’ve managed to burn upwards of 68 billion LUNC tokens while staking more than 1.022 LUNC tokens. Simultaneously, an initiative launched by the Joint L1 Task Force plans to curtail the LUNC and USTC supplies in the third quarter and aid the Quant team in the USTC repeg.
LUNC Price Behavior
The community has its eyes set on bringing back LUNC to $1. Even though the revival of LUNC is highly anticipated, its price has been exhibiting a sideways movement for the past week. The current price of LUNC stands at $0.000083, noting an increase of merely 0.5% in the past 24 hours. The trading figures indicate a 24-hour low and high of $0.0000819 and $0.0000838, respectively. Market watchers are currently waiting for a breakout above the descending channel pattern.
Related Cryptocurrency News
- Crypto investor Cathie Wood’s Ark Invest unloaded millions-worth Coinbase (COIN) shares.
- According to market trends, the Bitcoin (BTC) may soon hit a peak of $35000, while Ethereum (ETH) might exceed the $2000 level especially with US CPI Inflation falling.