Binance successfully burns 1.41 billion LUNC tokens

Binance crypto exchange has concluded the twelfth round of token burning for Terra Classic (LUNC).

This strategic process, aimed at reducing the token supply and enhancing its scarcity, holds the potential to influence the token’s value and market dynamics significantly.

In the latest token-burning event, Binance successfully burned a substantial 1.41 billion LUNC tokens. This impressive figure corresponds to half of the LUNC trading commission revenues generated on the platform.

In terms of market value, this amounts to approximately $112,000, reflecting the exchange’s commitment to maintaining a balanced token ecosystem.

Market participants and enthusiasts can anticipate the announcement of the terms for the upcoming 13th round of Terra Classic token burning.

Binance is set to release this essential information in an upcoming blog post, providing insights into the burning process’s specifics and the subsequent impact on the LUNC token.

Terra (LUNA) underwent a significant transformation, leading to the emergence of Terra Classic (LUNC). The pivotal event occurred in May 2022, marked by the de-pegging of Terra’s USD-pegged stablecoin, UST, which fell below the $1 mark.

This event triggered a massive sale of LUNA tokens, causing a drastic decline in its price to levels nearing zero while reaching over $100.

This dramatic shift in value had substantial implications, resulting in the destabilization of the Terra blockchain and substantial losses in market capitalization.

In response, the Terra team embarked on a journey of reinvention. While retaining the Terra name, the project introduced a new Genesis block and a fresh token offering.

The original chain was rebranded as Terra Classic, and its native token was redefined as LUNC.