July 30, 2023
Binance, the world’s largest cryptocurrency exchange, announced that it has completed the last token burn of Terra Classic (LUNC) on its platform.
- The token burn is a process of permanently removing a certain amount of tokens from circulation, reducing the total supply and increasing the scarcity and value of the remaining tokens.
- Binance burned approximately 1.4B LUNC tokens, which is equivalent to 10% of the total supply, on July 23, 2023.
- The token burn was done in accordance with the Terra Classic whitepaper, which stated that 10% of the LUNA supply would be burned every year until only 10% remained.
LUNC still has a high supply but there will be a 13th round of token burning.
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