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.
