Pinned post
Latest posts 5
Let make the Luna Classic comeback.
Nearly every LUNC in circulation was minted in a single week of May 2022
Terra Classic's circulating supply sits near 5.5 trillion terra-luna:native. Almost none of it existed before one week in May 2022.
Terra let anyone redeem 1 UST, its dollar stablecoin, for $1 of LUNA at any price. The run began on May 7, when two addresses pulled 375 million UST out of Anchor, the protocol paying 20% yield on roughly three-quarters of UST's supply, per NBER research.
As LUNA's price fell, each redeemed dollar minted more tokens: ten at $0.10, a hundred at $0.01, per the New York Fed.
Supply grew roughly 20,000-fold before the original chain was renamed Terra Classic. Those trillions are what the burn tax works against today.View quoted post on X
Terra Luna Classic.
Terra Classic burns pick up pace after the community tripled its transaction tax
terra-luna:native traded at $0.00005497 today, up 4.44%. This comes just weeks after governance raised the on-chain burn tax to 1.5%, the network's biggest tokenomics change in over a year. LuncScan data puts cumulative burns at 456.1 billion tokens, 6.6% of total supply.
Binance's separate monthly program removed another 275.6 million LUNC on August 1, taking its running total to 87.43 billion. Thursday's on-chain burns alone passed 72 million tokens against a circulating supply of 5.54 trillion.View quoted post on X
