Allnodes Burns Over 56 Million LUNC, Plans To Burn LUNC Weekly Till The End Of 2022

LUNCH validator All nodes are set to burn LUNC weekly till the end of the year.

In a tweet today, LUNC validator All nodes urging members of the LUNC community to stake with it declared that it had sent over 56 million LUNC to the burn wallet from its 5% commission.

“56,706,118 LUNC were burnt earlier today by All nodes,” the validator tweeted. “Delegate to All nodes and participate in our weekly ritual until the end of 2022!”

Community members can find further assurance of the transaction on the LUNCPenguins website created by HappyCattyCrypto with the description Allnodes burn. Consequently, All nodes now rank as the 9th largest burner of LUNC tokens. As stated in its tweet today, it plans to burn LUNC weekly till the end of the year.

It bears mentioning that Binance leads the ranking with over 8 billion LUNC burned so far as the community anticipates the next burn today. Notably, it is ahead of the 1.2% tax burn, which accounts for about 6.5 billion of all LUNC burned. 

It is worth noting that decreasing on-chain volume after implementing the 1.2% tax has prompted the community to push for a tax reduction. Currently, the community is voting to reduce the tax to 0.2% while setting aside 10% of the tax collected for development activities by routing it to the community pool.

Notably, Allnodes has also voted in favor of the new proposal after being convinced by Edward Kim’s analysis despite initial concerns that it was too soon.

The increasing support for LUNC burns is a testament to the strength of the community, which is drawing the attention of different crypto platforms which hope to grow their user base while pressuring industry leaders like Binance to burn trading fees obtained from the token.

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