Terra Classic's much-anticipated LUNC burn activation launches

The burn mechanism proposed by the Terra Classic developers to reduce the LUNC supply is now live.

The parameter change in the Terra Classic network, which has been anticipated for weeks, is finally live, and this initiative aims to contribute to the burn of LUNC supply over time. With the network's incineration mechanism, from now on, fees from LUNC transactions will be deducted at a rate of 1.2% and automatically sent to the Terra Classic incineration wallet. LUNC burning is expected to continue until the LUNC supply drops to 10 billion tokens. The current LUNC supply stands at 6.9 trillion, which translates to the elusive goal of burning 99.82% of the tokens in circulation. Due to the relatively low rate of burn on the LUNC network, it is estimated that it may take more than 10 years to approach the target. According to calculations, LUNC can start trading at a price of $ 1 when it reaches a supply of 40 billion tokens. After reaching the final target, the token price is estimated to be around $ 4. On the other hand, in order to maintain price performance and increase transaction volume, actions to support the active use of the network are needed in addition to the burn policy. In addition to the 1.2% burn policy, the community is also making efforts to improve the staking system with different token burning events to reduce supply. Exchanges with high trading volumes have recently announced their support for LUNC's new burn policy. Finally, Crypto.com and eToro also supported LUNC burning. Latest situation in LUNC price Looking at LUNC price movements, it is seen that the activation of the 1.2% burn parameter has not yet been priced in. LUNC moved with the overall market today, falling 6.75% in the last 24 hours to the $0.00028 band. The cryptocurrency entered a correction trend after ending its rally at $0.00059 on September 7 and has been moving in the range of $0.00025 - $0.00031 since last week. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!