Terraport’s first-ever LUNC burn is a significant milestone for the Terra blockchain ecosystem. The burn involved the destruction of almost 100 million Terra Classics, which shows a strong commitment to reducing the token supply and increasing the value of the remaining tokens.
Terraport’s first-ever LUNC Burns
According to an official tweet in the late hours of Friday, the team disclosed that Terraport had burned 4,079 TERRA, the project’s governance token, and a staggering 10,602,530 (10.6 million) Terra Classic from the weekly Treasury burn.
Moreover, they further revealed that the project had incinerated over 84 million LUNC tokens and more than 101,000 USTC through on-chain burns. With this being the first week of operations, the team emphasized that this is only the start, and the community can expect more substantial burns as the project’s adoption and volume continue to rise.
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After an epic first week at @_Terraport_ we are delighted to say $TERRA has helped to burn:
From weekly burn of Treasury:
10,602,530 $LUNC 🔥
4079 $TERRA 🔥Burn on-chain:
84,000,000+ $LUNC 🔥
101,000+ $USTC 🔥This is the start as volume and price increases so should burns… pic.twitter.com/EkDr3c3F5n
— Terraport Finance (@_Terraport_) April 7, 2023
The TerraCVita group acknowledged the move, expressing their anticipation for Terraport v2, which is set to introduce a launchpad.
This event is positive news for the Terra community as it demonstrates the commitment of Terraport, a leading decentralized exchange on the Terra network, to the growth and sustainability of the Terra ecosystem. The burn will increase the demand for the remaining Terra Classics, leading to potential price appreciation for holders.
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Terraport’s decision to burn Terra Classics is part of a broader trend in the cryptocurrency industry of reducing token supply to increase scarcity and value. By burning tokens, Terraport effectively reduces the circulating supply of Terra Classics, which may help to drive up the price of the remaining tokens.
The LUNA coin burn was also likely driven by Terraport’s desire to support the Terra ecosystem by reducing the token supply and increasing the value of the Terra Classics held by investors. This may help to attract more investors and users to the Terra blockchain, further increasing its adoption and value.
It’s worth noting that Terraport is not the only entity that has burned Terra Classics. The Terra ecosystem has a history of token burns, with several other projects and platforms having conducted token burns in the past. This shows that the Terra community is committed to sustainability and growth, and is willing to take action to ensure the long-term success of the ecosystem.
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