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Binance to Make Changes to the Burning of Terra Classic (LUNC) Trading Fees

Binance to Make Changes to the Burning of Terra Classic (LUNC) Trading Fees

2022-09-26 09:35
* Update: This announcement was last updated on 2022-12-28 to reflect changes to the burning of Terra Classic trading fees
Fellow Binancians,
Following the recent developments as laid out in Proposal 10983 and Proposal 11111, where LUNC burn is being re-minted as a development fund, Binance will be making changes to the burning of LUNC trading fees, to continue to contribute to the supply decrease of LUNC and be in line with what the community originally looked forward to. From December 2022, Binance will be burning 50% of the LUNC spot and margin trading fees instead of 100%, and delaying sending the LUNC trading fee burn contribution until 2023-03-01, to ensure LUNC trading fees will be excluded from being re-minted.

Validity Period: 2022-12-28 00:00:00 (UTC) until further notice.

In addition, Binance has been engaging with the leadership team from the Terra Grants Foundation with the below requests:
  • To create a new burn wallet that Binance can send the LUNC spot and margin trading fees to that does not allow re-minting of the burn amount.
  • To whitelist Binance’s wallets (See Appendix), so that the transaction tax is not applied when transferring between these wallets.
To allow time for these new updates to take place, Binance will delay sending LUNC trading fee burn contributions until 2023-03-01 (UTC) .
Binance will continue to work with the community to support the implementation of this new plan, and if for any reason this can’t be done, Binance will consider withdrawing the burn contribution going forward.
Funding for New Projects

Also in November 2022, Binance announced the Industry Recovery Initiative (IRI), which is a fund to support crypto and Web3 projects.
For developers wanting to continue to build LUNC chain with support, they are welcome to apply here.
Rules
  • From December 2022, Binance will burn 50% of LUNC spot and margin trading fees and delay sending the LUNC trading fee burn contribution until 2023-03-01.
  • On 2022-03-01 at 00:00:00 (UTC), the seventh batch of trading fees on LUNC spot and margin trading pairs to be burned will be calculated from 2022-11-30 at 00:00:00 (UTC) to 2023-02-27 at 23:59:59 (UTC).
  • On 2022-12-01 at 00:00:00 (UTC), the sixth batch of trading fees on LUNC spot and margin trading pairs were burned, calculating 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 reports were updated by the second day at 00:00:00 (UTC), and will be resumed on 2023-03-01.
  • 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 were 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) were 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 62022-10-30 00:00:00 - 2022-11-29 23:59:596,389,199,628.211,189,861.74FED129C2E60448832DAD81CF2E9F83977F341EB6C064549EFF402014EAC5A4FD
Batch 72022-11-30 00:00:00 - 2023-02-27 23:59:59To be updated on 2023-03-02 (UTC)To be updated on 2023-03-02 (UTC)To be updated on 2023-03-02 (UTC)
For More Information:
Appendix:
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terra15s66unmdcpknuxxldd7fsr44skme966tdckq8c
terra1u0p7xuwlg0zsqgntagdkyjyumsegd8agzhug99
terra1fax8l6srhew5tu2mavmu83js3v7vsqf9yr4fv7
terra132wegs0kf9q65t9gsm3g2y06l98l2k4treepkq
terra1l89hprfccqxgzzypjzy3fnp7vqpnkqg5vvqgjc
terra1ns7lfvrxzter4d2yl9tschdwntcxa25vtsvd8a
terra1vuvju6la7pj6t8d8zsx4g8ea85k2cg5u62cdhl
terra1lzdux37s4anmakvg7pahzh03zlf43uveq83wh2
terra1ky3qcf7v45n6hwfmkm05acwczvlq8ahnq778wf
terra17m8tkde0mav43ckeehp537rsz4usqx5jayhf08
terra1urj8va62jeygra7y3a03xeex49mjddh3eul0qa
terra10wyptw59xc52l86pg86sy0xcm3nm5wg6a3cf7l
terra1sujaqwaw7ls9fh6a4x7n06nv7fxx5xexwlnrkf
terra1qg59nhvag222kp6fyzxt83l4sw02huymqnklww
terra1dxxnwxlpjjkl959v5xrghx0dtvut60eef6vcch
terra1y246m036et7vu69nsg4kapelj0tywe8vsmp34d
terra1j39c9sjr0zpjnrfjtthuua0euecv7txavxvq36
terra1t0jthtq9zhm4ldtvs9epp02zp23f355wu6zrzq
terra12dxclvqrgt7w3s7gtwpdkxgymexv8stgqcr0yu
terra1az3dsad74pwhylrrexnn5qylzj783uyww2s7xz
terra1ttq26dq4egr5exmhd6gezerrxhlutx9u90uncn
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terra1ju68sg6k39t385sa0fazqvjgh6m6gkmsmp4lln
terra1dlh7k4hcnsrvlfuzhdzx3ctynj7s8dde9zmdyd
terra18wcdhpzpteharlkks5n6k7ent0mjyftvcpm6ee
terra1xmkwsauuk3kafua9k23hrkfr76gxmwdfq5c09d
terra1t957gces65xd6p8g4cuqnyd0sy5tzku59njydd
terra1s4rd0y5e4gasf0krdm2w8sjhsmh030m74f2x9v
terra15jya6ugxp65y80y5h82k4gv90pd7acv58xp6jj
terra14yqy9warjkxyecda5kf5a68qlknf4ve4sh7sa6
terra1yxras4z0fs9ugsg2hew9334k65uzejwcslyx0y
terra1p0vl4s4gp46vy6dm352s2fgtw6hccypph7zc3u
terra1hhj92twle9x8rjkr3yffujexsy5ldexak5rglz
terra18vnrzlzm2c4xfsx382pj2xndqtt00rvhu24sqe
Thanks for your support!
Binance Team
2022-09-26
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Note: This announcement was last updated on 2022-12-28 to reflect changes to the burning of Terra Classic (LUNC) trading fees. Binance will update the burn records 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.
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