"Can this project boost the price of LUNC again after suffering for so long?"
The new Terra Classic (LUNC) project called DFLunc, which is a DeFi protocol launched in April 2023, has burned as many as 2 billion of those digital assets in two weeks, where the total amount of burning is 57.8 billion.
On May 1, 2023, cryptocurrency exchange Binance also reportedly burned 1.27 billion LUNC as part of its monthly burn mechanism but still could not surpass the amount of DFLunc burned.
In addition to using two smart contracts based on CosmWasm and CW20-DFC, the DFLunc protocol is a LUNC validator that will allow users to print their DFC tokens to burn LUNCs.
The protocol has also divided its plans into different stages as part of its aim to target the growth of validators on the LUNC network.
Pleased to be informed that the main developer of LUNC dubbed the Joint L1 Task Force (L1TF) is ready for the v2.0.1 upgrade after the community successfully passed Proposal 11511, where the blockchain of the digital asset will stop at 12,812,900.
The following upgrade has several features such as a minimum initial deposit for governance recommendations that will prevent spam and so on.
As of this writing, the price of LUNC is hovering at $0.00008971 in the last 24 hours with a market capitalization of $26 million shortly after plunging to $0.00008265 on May 12 last week.
