DFLunc’s Remarkable LUNC Burning Mechanism Incinerates Billions, Fueling Terra Classic’s Transformation

Terra Classic's DeFi Protocol DFLunc Makes Waves with Two Billion LUNC Coins Burned in Two Weeks, Paving the Way for Blockchain Upgrade.

Terra Classic’s new project, called DFLunc, is gaining popularity due to its efficient LUNC burning mechanism, which burned almost two billion coins in two weeks.

- Advertisement -

DFLunc is a DeFi protocol, released last April, having as one of its main goals to reduce through “burning” the amount of LUNC coins.

Backed by the massive LUNC “burning” by DFLunc, the total “burning” has now exceeded 58 billion coins.

DFLunc burned two billion LUNCs

Binance “burned” 1.27 billion LUNC at the start of May as part of its monthly coin “burning” mechanism. So far Binance has “burned” a total of 31.83 billion LUNC, out of the 58 billion that have been “burned”.

For its part, DFLunc, on 16 May, informed that it had “burned” two billion LUNC so far.

How it works

The protocol consists of smart contracts that aim to reduce the amount of LUNC through a continuous “burning” mechanism.

In addition, DFLunc also acts as a validator for Terra Classic, allowing users to generate the DFC token through LUNC “burning”.

- Advertisement -

It uses two CosmWasm-based smart contracts – DFLunc and CW20-DFC – and users “burn” LUNC by paying with USTC the protocol fees to “generate” DFC tokens. Indeed, by staking, users “burn” even more LUNC.

The renewal

Terra Classic’s main developers, Joint L1 Task Force (L1TF), are preparing for the 2.0.1 upgrade as the community successfully passed the vote on Proposition 11511.

The Terra Classic blockchain will stop at block 12,815,210, estimated at 17:11 UTC on May 17, followed by the Cosmwasm 1.1.0 Parity upgrade on May 31.

- Advertisement -

The upgrade includes critical features such as requiring a minimum initial submission for governance proposals, which will prevent network spamming, as well as the upgraded Cosmos SDK, Tendermint and an improved code maintenance feature.

READ NEXT

Previous Articles:

- Advertisement -

Latest

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

Must Read

7 Best NFT Marketplaces for Every Need

Open Sea | Pianity | Foundation | Magic Eden | SuperRare | Rarible | Theta Drop | Other Platforms | About NFTs | FAQ...