A recently-introduced Terra Classic project incinerates over half a billion LUNC just a few weeks after it jumped on the burn campaign.
The Terra Classic (LUNC) burn campaign just received support from an unexpected source. The community has witnessed the incineration of over 628 million LUNC tokens from DFLunc Protocol, a recently-introduced Terra Classic project and ecosystem validator.
Interestingly, data indicates that DFLunc burns tens of millions of LUNC tokens daily. This sustained rate of burns has contributed to the massive burn threshold in less than six weeks. Information from LUNCDash suggests that DFLunc has burned 628.2 million Terra Classic.
Its latest burn occurred today at 14:17 (UTC) and involved 35.2 million Terra Classic. The project burned 27.8 million LUNC yesterday and 21.5 million on June 10. These burns have continued on a daily basis.
As a result of the persistent burns, DFLunc has incinerated over 379 million Terra Classic this month alone. Calling attention to the latest burn transaction, the validator revealed in a recent tweet that its total burns have now crossed 3 billion Terra Classic.
35.2M LUNC burned.
We burned 3B in total so far！
🚨Please make sure to withdraw all DFC to your wallet before 14th. Otherwise,it may be lost after parity Upgrade and we will not be responsible for it.
— DFLunc Protocol (@DFClunc) June 12, 2023
However, this figure does not reflect on Terra Classic-based on-chain analytics platforms such as LUNCDash due to an issue with DFLunc’s wallet and a contest of the project’s actual burns.
DFLunc’s Terra Classic Burns Contested
As disclosed by The Crypto Basic early last month, DFLunc took center stage in the LUNC community when the team behind the project disclosed that they had been burning millions of LUNC. DFLunc claimed to have incinerated 1.3 billion as of May 9.
Several prominent community members contested these claims, including validator HappyCattyCrypto and LBurn Project. These individuals questioned the authenticity of the burns due to an inability to track them on-chain. The team behind DFLunc engaged them, leading to an amicable resolution.
If these burns remain sustained, DFLunc could be on its way to overtaking Binance as the biggest LUNC burner. Recall that Binance burned 1.044 billion LUNC on June 2 for fees collected in May. The exchange further solidified its position as the biggest LUNC burner, totaling 32.8 billion LUNC.
DFLunc is currently the fifth largest burner, having overtaken LUNC DAO, Allnodes, and Cremation Coin. At the time of reporting, total cumulative Terra Classic burns stand at 60.2 billion LUNC.