Terra LUNA Classic (LUNC) initiative has gained momentum lately as investors continue their quest toward reviving the cryptocurrency from the dust.
According to a tweet shared by LUNC Staking, an unofficial account that keeps track of all LUNC staking, the number of tokens staked has reached 534.29 billion LUNC. This comes three days after TheCryptoBasic reported that LUNC holders had staked a total of 528 billion.
Supply and staking of LUNC
8.981% (bonded: 7.739%)
2022-09-10 07:30 UTC#LUNC
– LUNC staking (@LuncStaking_Bot) September 10, 2022
The development indicates that, over the past 72 hours, LUNC holders staked a combined 6 billion Luna Classic tokens. It is noteworthy that the staking initiative is part of an effort to reduce the total supply of LUNC from its whopping 6.9 trillion tokens. The 534.29 billion staked currently represents 8.9% of LUNC’s total supply.
Investors’ Efforts to Revive LUNC
LUNC investors are unwilling to give up on the project as many expected. They have continued to take significant steps toward helping the cryptocurrency make a huge comeback.
LUNC staking is not the only way Terra investors plan to revive Luna Classic tokens. Investors have been participating in a burn initiative where millions of tokens are sent to an inferno address.
The community also voted in favor of a proposal to implement a 1.2% tax burn on all on-chain LUNC transactions.
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