27 May 2023 14:32, UTC
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After burning nearly 2.5 billion Terra Classic (LUNC) tokens this month, decentralized finance protocol DFLunc shifted its focus to the highly awaited AI app chain “Block Entropy” by core developer Edward Kim. The project has burned millions of LUNC tokens token this week in order to obtain Block Entropy TestNet tokens.
DFLunc Burned LUNC For Edward Kim Block Entropy AI Chain
DeFi protocol DFLunc recently announced a major change in its LUNC burn mechanism. In order to help its users get Edward Kim’s AI app chain “Block Entropy” testnet tokens, the protocol is not sending LUNC directly from user wallets to the burn address.
Instead, DFLunc sending tokens through a different address, entering “entropy” in the memo field of transactions. It sent 58 million LUNC to the burn address from the new protocol on May 25 and 44 million LUNC on May 26. The protocol aims to burn billions of Terra Classic tokens to deflate the circulating supply more rapidly.
Also Read: Terra Classic Project Burns 2 Billion LUNC Tokens, Overtaking Binance Burn
According to Edward Kim, users need to send LUNC to the burn address with an “entropy” message and enter the transaction hash into the TestNet faucet.
The quantity of LUNC that you burn will be proportional to the number of testnet tokens that you get in return and these can only be utilized for machine learning activities, as they have no proprietary value of their own.
In order to obtain TestNet tokens you will have to send real LUNC to the burn address and enter the tx hash into the TestNet faucet. This is a sneak peak at the burn faucet. pic.twitter.com/oDyjWpksyX
— Edward Kim (@edk208) April 29, 2023
After testing on LUNC L1 TestNet and passing a governance proposal, Edward Kim will coordinate with Joint L1 Task Force to incorporate Interchain Accounts (ICA) into Terra Classic. This will happen only after CosmWasm v1.1.0 parity upgrade on June 14. CoinGape Media published a complete detail over it and incoming developments.
After the Parity upgrade, the L1TF also considering working with the USTC repeg team to set up a USTC test environment to focus on building the infrastructure required to successfully repeg USTC to $1.
Also Read: IMF Supports US Fed To Hike Rate By 25 Bps In June, Markets To Crash?
Will Terra Classic Price Hit $1?
LUNC price currently trades at $0.000086, up 2% in the last 24 hours. The 24-hour low and high are $0.000085 and $0.000087, respectively. Furthermore, the trading volume has increased vastly in the last 24 hours.
The total LUNC burned by the community reached $60 billion. The burn rate has increased after the community increased the burn tax to 0.5%. The move was supported by crypto exchanges such as Binance.
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