Over 300M LUNC Already Removed From Total Supply as 1.2% Burn Rate Kicked Off Yesterday

LUNC’s 1.2% burn rate proposal went live yesterday after a prolonged waiting period, which has seen the price of LUNC stage a dramatic price pump in anticipation.

Notably, The 1.2% Tax Burn plan targets taxing all on-chain activities. This ultimately indicates that every financial transaction involving wallets and smart contracts that engages the chain will be taxed and destroyed.

The tax burn went live yesterday, on 2022-09-20, at the Terra Classic block height of 9,475,200 after the proposal was submitted. So many notable Cryptocurrency Exchanges have indicated support for the proposal, as reported earlier.

Judging from the anticipation for the burn rate, the $LUNC price didn’t react to the development as the price went down to below $0.00026.

Over 300 Million LUNC Removed From Its Total Supply In Just 24 Hours Of Burn Rate Going Live

While the burn rate is now active, many believe LUNC hasn’t yet priced into the development, but a lot is happening behind the scene.

According to data from StakeBin, about 311,742,245 LUNC has been removed from the total supply of 6,903,085,292,849. This is still very small, of course, but a good move towards the path of revival for the asset. Many supporters believe that once all CEXs implement the burn rate, more LUNC will be removed from the supply, thereby pushing the value up progressively.

KuCoin Goes All In With LUNC Staking

According to the SmartStake data analytics tool, ON-CHAIN data shows that crypto exchange KuCoin’s validator has over 50 BILLION $LUNC staked. This shows how CEXs are beginning to go all into #LUNC for the long term. Overall, There are over 630 Billion LUNC staked.

This brings KuCoin among other notable validators such as with 118.5B Voting Power, Interstellar Lounge with 90.1B voting power, and Orion.Money with 88.4B and LUNC DAO with 61.8B.

More Troubles For Do Kwon

South Korean authorities are searching for Do Kwon, the co-founder of the stablecoin TerraUSD. Do Kwon’s arrest has been ordered by a South Korean court, according to a Bloomberg report.

Do Kwon is allegedly wanted for breaking the financial market’s law, according to the prosecution. However, in a series of tweets, Do Kwon insisted that he was not on the run.

I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide

— Do Kwon (@stablekwon) September 17, 2022

He insisted that because they have kept themselves to a very high standard of integrity and are currently defending themselves in several jurisdictions, they look forward to establishing the truth over the coming months. This seems to be a significant problem for the LUNC community.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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Written by Will Izuchukwu

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