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    Pleasure to Burn

    In this dashboard, we will take a look at the volume of $LUNA burned for the past 30 days and it's relationship with $UST marketcap. Some of us might not know that 'Burning $LUNA' can be done by market swap your $LUNA for $UST on your Terra Station or Terra Wallet.

    Methodology:

    Using terra.swaps table from Terra schema which is for market swap for the $LUNA burn volume. For, $UST marketcap, use terra.daily_balances and sum all $UST tokens.

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    We can see that the volume of $LUNA burned daily correlates with the marketcap of $UST. Well, this is expected as this is the way to mint $UST. $UST is not backed by $LUNA per se but it is used to mint $UST which is why users are incentivized to hold $LUNA.