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HomeCrypto NewsMarketTerraport Burns Nearly 100M Terra Classic for Its First Ever LUNC Burn

Terraport Burns Nearly 100M Terra Classic for Its First Ever LUNC Burn


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The LUNC burn exercise was announced precisely seven days after Terraport launched.

First Terraport Burn

Terraport, the recently-launched Terra Classic (LUNC) DeFi platform, recently announced that it burned almost 100 million LUNC tokens and over 100,000 TerraClassicUSD (USTC) for its first operational week. Accordingly, LUNC burns are expected to continue every week moving forward.

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.


The TerraCVita group acknowledged the move, expressing their anticipation for Terraport v2, which is set to introduce a launchpad.


The burns come precisely seven days after Terraport launched on March 31. The project’s inaugural version features a Terra Classic-based decentralized exchange (DEX) with swaps, staking, and farming functionalities. As the whitepaper outlines, Terraport is expected to buy back and burn LUNC with 27% of its Treasury every week.

The first incineration exercise occurred against a backdrop of persistent queries from the community regarding the start of the burns. Classy and other members of the TerraCVita group had assured everyone that the burns would commence soon. Classy recently had to clarify that Terraport’s goal is to push TERRA to $1 and bolster LUNC burns.

In addition to token burns, Rex “Rexyz” Harrison, a senior member of TerraCVita, had previously disclosed that some of Terraport’s fees will go into supporting the building of new projects on Terra Classic, thereby contributing to the introduction of utility.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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