The Litecoin Network, created in 2011 as a fork of Bitcoin, implemented its third mining-reward halving, reducing the pace of expansion in the supply of its native token, LTC.
Halving is a process by which the per-block reward given to miners in a crypto network for verifying transactions and adding blocks to the ledger is reduced by 50%. It's a feature in both the Litecoin and Bitcoin blockchains, which implement the halving roughly every four years.
Wednesday's change reduced the per-block LTC reward to 6.25 LTC from 12.5 LTC.