LUNC is the native token of the Terra Classic blockchain, which imploded this May, wiping out $60 billion in market value; the project’s algorithmic stablecoin lost its peg to the dollar, and LUNC, the token that was supposed to be its stabilizer, fell into hyperinflation. While most crypto developers and projects į kairę the blockchain, some community members attempted to bring new life to the network by introducing a scheme that reduces the bloated supply of the token.
Source: https://www.coindesk.com/markets/2022/10/03/luna-classic-remnant-of-terra-collapse-drops-after-underwhelming-binance-burn-mechanism-data/?utm_medium=referral&utm_source=rss&utm_campaign=headlines