After burning nearly 100 million LUNCs exactly seven days after launch, Terraport has proven to be hugely influential in the growth of the Terra Classic ecosystem. Teamexpects coin burns to continue increasing every week.
The first decentralized finance (DeFi) project on the Terra Classic layer-2 network promised to burn large volumes of LUNC, and the team kept their word. Terraport carried out its first coin burns last Friday, exactly seven days after the launch of the DeFi platform.
to update According to the report, the team removed a total of 94.6 million LUNCs from circulation in one day through two sources, the Terraport Treasury and the on-chain tax. Of the total volume burned, 10,602,530 (10 million) came from Terraport treasury, with the highest volume of incineration (over 84 million LUNC) from on-chain tax. On the other hand, LUNC is not the only coin burned: 4,079 TERRA and 101,000 TerraClassicUSD (USTC) tokens were also removed from circulation thanks to Terraport.
After an epic first week at @_Terraport_ we are delighted to say $TERRA has helped to burn:
NEWS CONTINUES BELOWFrom weekly burn of Treasury:
10,602,530 $LUNC 🔥
4079 $TERRA 🔥NEWS CONTINUES BELOWBurn-on-chain:
84,000,000+ $LUNC 🔥
101,000+ $USTC 🔥This is the start as volume and price increases so should burns… pic.twitter.com/EkDr3c3F5n
— Terraport Finance (@_Terraport_) April 7, 2023
TerraCVita, the independent development group behind the Terraport Finance project, stated that the 94.6 million LUNC tokens burned are just the beginning as they plan to burn more tokens as the trading volume on the platform increases.
You can follow the current price action here.