27 million LUNA tokens burned so far in December as UST demand spikes $LUNA $UST LUNAtics UST
As seen on Terra Analytics, the supply reduction at the start of December was 94,243,648. The difference from the present supply reduction marks nearly 27 million.
Currently, 102.71 million LUNA tokens have been burned since the Columbus-5 upgrade went into effect at the end of September. Aside from interoperability, the Columbus-5 upgrade introduced a new mechanism for keeping stablecoins pegged to their fiat value: anytime UST is created, the equivalent quantity of LUNA is burned.
This gives a direct correlation between the two assets so that"As UST demand goes up, LUNA's price also goes up." LUNA, the native asset of Terra blockchain, has surged in value and is up 18,134.1% for the year, as per CoinGecko. Terra ranks the ninth-largest cryptocurrency by market capitalization.Co-founder and CEO of Terraform Labs, Do Kwon,
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