DEX launching on Terra Classic to accelerate LUNC burning

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DeFi
DEX launching on Terra Classic to accelerate LUNC burning

On Wednesday, the 16th of November, in a tweet, TerraCVita, an independent group of developers working on the revival of the Terra Classic (LUNC) project, announced they are on the course of deploying a decentralized exchange on the Terra Classic blockchain. The anticipated DEX is designed to support the LUNC burning speed. 

Over the past few months, the community-driven project ecosystem, Terra Classic, strove to make it to the spotlight. When MetaGloria, a non-fungible token marketplace, was successfully launched on the Terra Classic blockchain, the LUNC ecosystem embraced the concept of a decentralized exchange.

“Great project meeting update. Dex is on track, along with all the other great projects. Presale due in the next couple of weeks. If you want to buy into the hottest dApp in Terra Classic, we have a LUNC furnace for you. Built by Terra Classic devs for Terra Classic Community,” the announcement read.

It appears, from the announcement, that the anticipated decentralized application coming to the Terra Classic network would cremate a large portion of the LUNC token supply. 

One of the pseudonymous admins in the Terra Rebel group called Rex took to Twitter to circulate the exciting update saying, “you wanted a LUNC burner, TerraCVita built a furnace.”

TerraCVita did not quell this hype as they claim they are building a “LUNC furnace.”

TerraCVita scores the goal of reducing LUNC’s total supply!

In May, the TerraClassicUSD (USTC) was one-legged; this resulted in the introduction of excess LUNC into the token’s total supply.

Therefore, Terra Rebels, the leading decentralized group of developers, had to prioritize LUNC burning.

The goal is to reduce LUNC’s total supply from 6.9 trillion to 10 billion tokens. This led to the rollout of the 1.2% LUNC tax burn on off-chain and on-chain transactions on the Terra Classic network. 

Other exchanges have also joined in on this. Finance implementation of this initiative has 

Several exchanges like Binance implemented this initiative, which hugely contributed to LUNC’s total supply reduction. Terra Station shows that Binance burned a total of 1.2 billion tokens on October 31.

On Sunday, it was reported that the amount of LUNC burned surpassed 27.2 billion. Terrarity, a LUNC burn tracking platform, showed that 27,908,947,333 LUNC tokens had been taken out of supply forever. The platform added that 458,227,540 LUNC are burned per day. 

The upcoming DEX to be launched on the Terra Classic blockchain in the coming days is expected to facilitate the burning of LUNC.