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.
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”.
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.
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.
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