Terra Luna Classic Achieves Record-breaking 1 Trillion LUNC Staked
Summary: Terra Luna Classic has seen an all-time high of 1 trillion LUNC staked, with 14.61 percent of all LUNC being staked. This indicates that only 5.8 trillion LUNC are in circulation, out of a total of 6.84 trillion. The Joint L1 Task Force (L1TF) of Terra Luna Classic core developers is planning for the v2.1.0 Parity update on June 14th.
A new all-time high of 1 trillion LUNC has been staked in Terra Luna Classic. The Terra Classic community has been eagerly anticipating this significant achievement since staking was first brought to the network by a group of engineers led by professor Edward Kim last year.
A record-breaking 14.61 percent of all LUNC has been staked. Which is equivalent to almost a trillion LUNC or around $100 million. This indicates that only 5.8 trillion Terra Luna Classic (LUNC) are now in circulation, out of a total of 6.84 trillion.
Strong Community Push
Interest in Terra Classic grows as more users stake LUNC tokens on the chain in return for incentives. The reopening of Terraport DEX, the v2.1.0 parity upgrade, the USTC repeg, the AI app chain Block Entropy, and other developments have given the community reason to be optimistic about Terra Classic’s eventual recovery.
Staking does not permanently remove LUNC from circulation, but it does increase the value of LUNC and the security of the Terra Classic network. It promotes Terra Luna Classic’s visibility and builds confidence in the chain’s validators.
Increasing LUNC Burn
In addition, LUNC is burned by the people of Terra Luna Classic to reduce the total supply. So far, the community has burned more than 63 billion LUNC tokens.
On June 10th, Binance send 1.04B LUNC to the dead wallet, bringing the total amount of LUNC burned by the community to over 2 billion. The second quarter also saw an increase in the LUNC burn rate.
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Highly Anticipated v2.1.0 Update
The Joint L1 Task Force (L1TF) of Terra Luna Classic core developers has started planning for the v2.1.0 Parity update after the community gave their approval to the proposal. The significant v2.1.0 release includes CosmWasm v1.1.0, two new security fixes, and a minimum 5% charge for validators.
According to CMC, LUNC’s price increased by 4.3% despite today’s general market selling. But with the Parity update on June 14th, the price of LUNC is likely to increase much more.