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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 2024-05-01 to reflect the latest burn records.

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 the 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 2024-05-01 at 00:00:00 (UTC), the 21st batch of trading fees on LUNC spot and margin trading pairs to be burned will be calculated from 2024-03-31 at 00:00:00 (UTC) to 2024-04-29 at 23:59:59 (UTC).

  • On 2024-06-01 at 00:00:00 (UTC), the 22nd batch of trading fees on LUNC spot and margin trading pairs to be burned will be calculated from 2024-04-30 at 00:00:00 (UTC) to 2024-05-30 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 week 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 21

2024-03-31 at 00:00:00 (UTC) to 2024-04-29 at 23:59:59 (UTC)

1,404,956,147.26

156,362.19

Batch 22

2024-04-30 at 00:00:00 (UTC) to 2024-05-30 at 23:59:59 (UTC)

To be updated by 2024-06-02 (UTC)

To be updated by 2024-06-02 (UTC)

To be updated by 2024-06-02 (UTC)

For More Information

Appendix (The list of whitelisted addresses are subject to change): 

terra10atxpzafqfjy58z0dvugmd9zf63fycr6uvwhjm

terra1jrq7xa63a4qgpdgtj70k8yz5p32ps9r7mlj3yr

terra15s66unmdcpknuxxldd7fsr44skme966tdckq8c

terra1u0p7xuwlg0zsqgntagdkyjyumsegd8agzhug99

terra1fax8l6srhew5tu2mavmu83js3v7vsqf9yr4fv7

terra132wegs0kf9q65t9gsm3g2y06l98l2k4treepkq

terra1l89hprfccqxgzzypjzy3fnp7vqpnkqg5vvqgjc

terra1ns7lfvrxzter4d2yl9tschdwntcxa25vtsvd8a

terra1vuvju6la7pj6t8d8zsx4g8ea85k2cg5u62cdhl

terra1lzdux37s4anmakvg7pahzh03zlf43uveq83wh2

terra1ky3qcf7v45n6hwfmkm05acwczvlq8ahnq778wf

terra17m8tkde0mav43ckeehp537rsz4usqx5jayhf08

terra1urj8va62jeygra7y3a03xeex49mjddh3eul0qa

terra10wyptw59xc52l86pg86sy0xcm3nm5wg6a3cf7l

terra1sujaqwaw7ls9fh6a4x7n06nv7fxx5xexwlnrkf

terra1qg59nhvag222kp6fyzxt83l4sw02huymqnklww

terra1dxxnwxlpjjkl959v5xrghx0dtvut60eef6vcch

terra1y246m036et7vu69nsg4kapelj0tywe8vsmp34d

terra1j39c9sjr0zpjnrfjtthuua0euecv7txavxvq36

terra1t0jthtq9zhm4ldtvs9epp02zp23f355wu6zrzq

terra12dxclvqrgt7w3s7gtwpdkxgymexv8stgqcr0yu

terra1az3dsad74pwhylrrexnn5qylzj783uyww2s7xz

terra1ttq26dq4egr5exmhd6gezerrxhlutx9u90uncn

terra13e9670yuvfs06hctt9pmgjnz0yw28p0wgnhrqn

terra1skmktm537pfaycgu9jx4fqryjt6pf77ycpesw0

terra14q8cazgt58y2xkd26mlukemwth0cnvfqmgz2qk

terra163vzxz9wwy320ccwy73qe6h33yzg2yhyvv5nsf

terra1kj43wfnvrgc2ep94dgmwvnzv8vnkkxrxmrnhkp

terra1gu6re549pn0mdpshtv75t3xugn347jghlhul73

terra1gft3qujlq04yza3s2r238mql2yn3xxqepzt2up

terra174pe7qe7g867spzdfs5f4rf9fuwmm42zf4hykf

terra1ju68sg6k39t385sa0fazqvjgh6m6gkmsmp4lln

terra1dlh7k4hcnsrvlfuzhdzx3ctynj7s8dde9zmdyd

terra18wcdhpzpteharlkks5n6k7ent0mjyftvcpm6ee

terra1xmkwsauuk3kafua9k23hrkfr76gxmwdfq5c09d

terra1t957gces65xd6p8g4cuqnyd0sy5tzku59njydd

terra1s4rd0y5e4gasf0krdm2w8sjhsmh030m74f2x9v

terra15jya6ugxp65y80y5h82k4gv90pd7acv58xp6jj

terra14yqy9warjkxyecda5kf5a68qlknf4ve4sh7sa6

terra1yxras4z0fs9ugsg2hew9334k65uzejwcslyx0y

terra1p0vl4s4gp46vy6dm352s2fgtw6hccypph7zc3u

terra1hhj92twle9x8rjkr3yffujexsy5ldexak5rglz

terra18vnrzlzm2c4xfsx382pj2xndqtt00rvhu24sqe

terra1ncjg4a59x2pgvqy9qjyqprlj8lrwshm0wleht5

terra19l7hzwazq5j0dykfldcwrk2927xwcjd0kt0vt9

terra1frh79vmtur5fmrghz6gfjvfhpa3u2c0uemv4af

Thanks for your support!

Binance Team

2022-09-26


Note: This announcement was last updated on 2024-05-01 to reflect the latest burn records. Binance will update the burn records in this announcement until further notice. It was previously updated on 2023-02-27 to update the list of whitelisted addresses, on 2022-12-28 to reflect changes to the burning of Terra Classic (LUNC) trading fees, 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.

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