• The DeFi protocol DFLunc has burnt 1.6 billion LUNC tokens over two weeks.
• Binance has burned 31.83 billion LUNC tokens so far as part of its monthly burn mechanism and the DFLunc community has burnt 2 billion in total.
• There is an overall LUNC burn of 57.8 billion tokens across both protocols, reducing the inflated circulating supply.
DFLunc Burns Over 1.6 Billion LUNC
The popular new DeFi protocol DFLunc has successfully burned over 1.6 billion LUNC tokens in only two weeks as part of its huge LUNC burn mechanism, reducing the inflated circulating supply and bringing the total amount of LUNC burned to more than 57.8B.
Binance Contributing Heavily to Overall Burn
As part of its own monthly burn mechanism, Binance had already burned 1.27B LUNC before DFLunc’s announcement on May 12th that it had surpassed this amount with a 1.6B burn of its own. On top of this, Binance’s contribution to the overall burn now stands at 31.83B tokens, making it one of the largest contributors by far to the deflationary effect being seen in the Terra Classic space right now thanks to these burns taking place regularly across multiple protocols and platforms.
How Does DFLunc Work?
The DFLuncs Protocol is comprised of two CosmWasm-based smart contracts; DFLinc and CW20-DFC, which are used to mint new DFC tokens using existing LUNCs that must be exchanged for burning value first and then staked via the validator afterwards in order to continue consuming more from the pool each month through fees paid in USTC tokens for them to work properly and securely within their ecosystem’s parameters . The project also aims to expand its validator on the Terra Classic chain moving forward with this strategy set out ahead of them into actionable steps along their roadmap towards realising these goals soon enough too!
Overall Community Burning Effectiveness
With both Binance and DFLunc contributing heavily to regular burns over time, it’s easy to see why so many people are excited about what’s going on with Terra Classic right now regarding deflationary measures taken by burning off large chunks every month or so – meaning that we can currently see an overall community burning effectiveness rate standing at 57.8B across all sources combined since they began doing them a few months ago too!
Conclusion
In conclusion then, we can see that there are some very interesting things happening within Terra Classic right now when it comes down both Binance & DFLinc contributing significantly towards regular burns with their respective mechanisms – meaning that we can expect more deflationary pressure being applied on a consistent basis throughout 2021 (and beyond) as well due these ongoing efforts helping us reach our targets faster than ever before!