This Terra Classic (LUNC) rival has already burned 53% of supply

by Market Trends October 1, 2022

TerraClassic

Terra Classic (LUNC) pumped 75% in the hours after Binance announced implementation of the 1.2% burn tax.

Almost $ 1 billion dollars entered Terra Classic, doubling the market cap, and bringing the coin to rank as the 31st largest crypto token.

But how much of the LUNC supply has actually been burned?

Latest figures today show that 6.9 billion LUNC has entered burn addresses. It’s an increase of 2.64 billion since the 1.2% burn tax went live on the Terra Classic chain.

With the total LUNC supply at 6.9 trillion there’s still a long way to go to bring LUNC anywhere near the former 350 million supply of LUNA. While the burn tax should speed up the process it’s worth remembering that people have been destroying LUNC since May.

In four months, just 0.1% of the LUNC supply has been destroyed.

EverGrow has burned 53% of supply in 12 months

EverGrow is another token with a burn tax – in this case, it’s 2% of every transaction.

But EverGrow has burned through 53% of its supply in 12 months. The largest source of funding for burns has been the 2% transaction tax. But it’s not the only one.

At the beginning of September 2022, EverGrow launched the Lucro token. It’s designed as a higher volume ecosystem token and has a 1% tax with 0.8% going towards buying back and burning EverGrow.

On its first day of launch, some $ 80,000 was raised for burning EverGrow.

And then came the LunaSky NFT marketplace. It’s the first application in the EverGrow ecosystem and is designed to send 100% of all revenue from minting and transaction fees to buying back and burning EverGrow.

Along with 100% of revenue from in-house EverGrowMan NFT sales, more than $ 217,000 has been raised inside the first five days of operation.

EverGrow may have a much smaller market cap than LUNC ($ 72 million) but it leads the field of buyback and burn.

EverGrow burns set to take off in 2022

If LUNC continues to burn around 2.5 billion every week, how long until supply is halved?

It would mean burning 0.036% of supply every week. Which would mean burning 1.9% of supply in a year. Which would mean 26 years until the LUNC supply is halved.

Is this why so many people are pumping money into LUNC?

Not likely.

Most probably it was the hype of Binance implementing the burn tax that whipped investors into a FOMO frenzy.

But EverGrow really does stand the chance of halving its supply again in the next year. It would mean prices spiking twice as high when the next bull market returns. EverGrow has proven it can half the supply in 12 months before on the burn tax alone – but it will do it faster this time once the whole ecosystem comes alive.

Next to drop in Q4 of 2022 is the Crator content subscription platform. Again, 100% of commissions will go towards buying back and burning EverGrow. Then The Abstract VR gaming arcade will go live. It’s the world’s first VR gaming metaverse streamed on the cloud, which means headset users do not need any extra computing power.

Lucro will be a native token in each of these ecosystems. And all of the ecosystem will be working to burn EverGrow.

There are very few DeFi ecosystems with such a strong track record.

And the main function of EverGrow is not even burning tokens – it’s paying out BUSD passive income rewards. More than $ 38 million has been rewarded to investors to date from an 8% tax on top of the 2% burn tax.

Imagine if LUNC could speed up its burning rate over 2,500%? And imagine if you got paid to wait for supply to reduce?

That’s why EverGrow is a strong LUNC rival in 2022.

FIND OUT MORE

EverGrow website: https://evergrowegc.com/

Lucro token website: https://lucrotoken.com/

EverGrow Twitter: https://twitter.com/evergrowcoinEGC

Lucro Twitter: https://twitter.com/lucrotoken

EverGrow price: https://poocoin.app/tokens/0xc001bbe2b87079294c63ece98bdd0a88d761434e

Lucro price: https://poocoin.app/tokens/0x988f7c894e4001eeb7b570cde80dffe21cf7b6b9

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Market Trends

Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.

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