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Binance has completed the 12th round of the Terra Classic ($LUNC) token burning, a process that reduces the token supply and aims to increase its rarity.
According to the information obtained, the exchange burned 1.41 billion $LUNC tokens, which corresponds to half of the $LUNC trading commission revenues on the platform. At the current market price, this represents about $112,000.
The stock market will announce the terms of the 13th round of Terra Classic burning in the blog post it will share tomorrow.
Terra (LUNA) became Terra Classic ($LUNC) after a major de-pegging event in May 2022 when Terra's USD pegged stablecoin UST dropped below $1 and triggered a massive sale of LUNA tokens.
This caused the price of LUNA to drop to almost zero above $100, wiping out billions of dollars in value and destabilizing the Terra blockchain.
The Terra team decided to restart the project under the same name, but with a new genesis block and a new token offering. The original chain was renamed Terra Classic and its native token became $LUNC.
*Not investment advice.
thecryptobasic.com
coinpedia.org
beincrypto.com