Binance Announces Their Last Token Burn

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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TAGS:

crypto, Crypto market, cryptocurrency, Investing

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