The Terra Classic Community is preparing for the supply shock that the LUNC coin may soon face. This is based on a court settlement that has been authorized Terraform Laboratories burn the tokens you have.

Court orders LUNC burned as part of Terraform Labs settlement

As part of its activities, Terraform Labs will conduct LUNC burns Settlement for $4.5 billion with the US Securities and Exchange Commission (SEC). These burns must be completed before the end of this month or Terraform Labs will have to pay a fine. According to the SEC, a crypto company must burn or destroy private keys in its possession of wallets containing LUNC coins.

Based on the deadline, LUNC burn may happen this week. Members of the Terra Classic community were also present before the burning he said to withdraw its assets locked in the swing bridge as it will also be closed during the LUNC burn and will never be opened again.

Terraform Lab’s upcoming LUNC burn is undoubtedly positive for the coin as it could provide a much-needed upside boost and lead to a significant price raise. Moreover, it is consistent with Terra Classic Community a mission to remove as many coins from circulation as possible in order to revive LUNC.

They believe that this deflationary mechanism could support bring the coin back to its current all-time high (ATH) of $119. LUNC metrics data shows that since symbol burning began on May 13, 2022, 135.54 billion coins have been burned. Meanwhile, 303.6 million coins were burned in the last seven days. However, the community still has a lot of work to do, considering LUNC still has a circulating supply of 6.76 trillion.

Other steps taken by the Terra Classic community

In addition to the LUNC burn, the Terra Classic community has took other steps support revitalize the coin and return it to its glory days. This includes developing proposals to improve the LUNC ecosystem and promote adoption of the coin.

The most last suggestion comes from OrbitLabs to remove forked root modules from the Terra Classic blockchain. The proposal states that this will support improve maintainability, reduce technical debt, and align with the broader Cosmos ecosystem.

OrbitLabs further emphasized the current situation in the industry A remote ecosystem to show why this conclusion is necessary. According to them, the Terra Classic codebase uses several forked versions of Cosmos modules to accommodate its unique features. This led to the code base being separated from the source modules and increasing maintenance costs.

Therefore, this up-to-date approach will support ensure that the Terra Classic blockchain stays up to date with the latest security features and features developed by the Cosmos development team. This will support significantly reduce maintenance costs and time.

According to stock data, LUNC is trading around $0.0000925 at the time of writing, down over 2% in the last 24 hours. data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com