Binance has burned 1.6 billion Terra Classic (LUNC) tokens worth $203,000 on April 1st as part of its ongoing effort to reduce the total supply of the digital asset. This follows the exchange's resumption of LUNC burn after halting in December 2022.

Binance converted 50% of the trading fees generated from LUNC spot and margin trades in March to LUNC, sending billions of tokens to the community burn wallet. Binance remains the highest contributor to the Terra Classic burn expedition with over 30.5 billion LUNC burned, and the LUNC burn rate could surge with the rollout of projects like Terraport Finance.