Binance to Implement Terra Classic (LUNC) Burn Mechanism on Trading Fees
* Update: This announcement was last updated on 2022-10-31 to reflect changes on the latest burn records and the rules to the burn mechanism.
In response to the LUNC community proposal on burning trading fees while maintaining a good trading experience for users, Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The specific amount of LUNC to be burned, its equivalent value in USDT, and on-chain transaction ID will be updated each month in this announcement until further notice.
Validity Period: 2022-09-21 00:00:00 (UTC) until further notice.
- The LUNC burn mechanism will take place on a monthly basis after the fifth batch of trading fees on LUNC spot and margin trading pairs has been burned, instead of a weekly basis. On 2022-12-01 at 00:00:00 (UTC), the sixth batch of trading fees on LUNC spot and margin trading pairs to be burned will be calculated from 2022-10-30 at 00:00:00 (UTC) to 2022-11-29 at 23:59:59 (UTC).
- The calculation of total trading fees on LUNC spot and margin trading pairs to be burned from the previous month will be done on the first day of every month at 00:00:00 (UTC). The subsequent on-chain burn transactions and monthly report will be updated by the second day of every month at 00:00:00 (UTC).
- Trading fees on LUNC spot and margin trading pairs that collected in a token other than LUNC (e.g., USDT, BUSD and BNB) will be converted to LUNC with the real-time exchange rates on Binance on the first day of every month at 00:00:00 (UTC).
- LUNC burn mechanism will not affect trading fees on LUNC spot and margin trading pairs, with the maximum trading fee rate remaining 0.1%.
- LUNC burn mechanism will not affect BNB fee discounts, fee rebates, or any other form of fee adjustment or fee discount. Binance Spot Liquidity Provider Program will pause fee rebates toward LUNC spot and margin trading pairs starting from 2022-09-27 at 00:00:00 (UTC).
- Trading volume on the LUNC spot and margin trading pairs will continue to be counted in the 30-day volume calculation toward Trading Fee Level and Binance Spot Liquidity Provider Program. For more information regarding our dedicated Institutional and VIP services, please access Binance’s Enhanced Institutional Services. Reach out to your Key Account Coverage or Sales for further queries.
- The first batch of trading fees on LUNC spot and margin trading pairs to be burned will be calculated from 2022-09-21 at 00:00:00 (UTC) to 2022-10-01 at 23:59:59 (UTC). The fee rebates on LUNC spot and margin trading pairs toward Binance Spot Liquidity Provider Program for the period of 2022-09-21 at 00:00:00 (UTC) till 2022-09-27 00:00:00 (UTC) will be excluded from the burn amount.
For the latest burn records, please refer to the table below:
|Period of Calculation (UTC)||Trading Fees on LUNC Spot and Margin Trading Pairs (LUNC)||Trading Fees on LUNC Spot and Margin Trading Pairs (USDT Equivalent)||Burn Transaction ID|
|Batch 5||2022-10-23 00:00:00 - 2022-10-29 23:59:59||1,258,250,859.01||313,971.33||6A47C417963AE7B9EC719E53F5F7F38848A95F986DF159D2B65CAF8226CAE048|
|Batch 6||2022-10-30 00:00:00 - 2022-11-30 23:59:59||To be updated on 2022-12-02 (UTC)||To be updated on 2022-12-02 (UTC)||To be announced on 2022-12-02 (UTC)|
For More Information:
- Other Burn Transaction IDs: Batch 1, Batch 2, Batch 3, Batch 4
- Cumulative trading fees on LUNC Spot and Margin trading pairs from 2022-09-21 00:00:00 to 2022-10-22 23:59:59 (UTC):
- 12,433,648,374.42 LUNC (or 3,760,718.56 USDT equivalent)
- Notice on Tax Burn for LUNC and USTC on Terra Classic (LUNC) Network
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Note: This announcement was last updated on 2022-10-31 to reflect updates on the latest burn records and changes to the rules to the burn mechanism. Binance will update the burn records on a monthly basis until further notice. It was previously updated on 2022-09-28 to clarify trading fees on LUNC spot and margin trading pairs remain unchanged, as well as on 2022-09-26 to reflect changes on the calculation period for the first batch of trading fees.
Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.