* Update: This announcement was last updated on 2024-04-01 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 Binanceâs wallets (See Appendix), so that the transaction tax is not applied when transferring between these wallets.Â
To allow time for these new updates to take place, Binance will delay sending LUNC trading fee burn contributions until 2023-03-01 (UTC).Â
Binance will continue to work with the community to support the implementation of this new plan, and if for any reason this canât 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.Â
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.Â
On 2024-04-01 at 00:00:00 (UTC), the 20th batch of trading fees on LUNC spot and margin trading pairs to be burned will be calculated from 2024-02-29 at 00:00:00 (UTC) to 2024-03-30 at 23:59:59 (UTC).
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).
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).Â
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 Binanceâs 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:
For More Information:Â
Other Burn Transaction IDs: Batch 1, Batch 2, Batch 3, Batch 4, Batch 5, Batch 6, Batch 7, Batch 8, Batch 9, Batch 10, Batch 11, Batch 12, Batch 13, Batch 14, Batch 15, Batch 16, Batch 17, Batch 18, Batch 19
Cumulative trading fees on LUNC Spot and Margin trading pairs from 2022-09-21 00:00:00 to 2024-02-28 23:59:59 (UTC):
53,275,515,279.63 LUNC (or 9,232,576.05 USDT equivalent)
Notice on Tax Burn for LUNC and USTC on Terra Classic (LUNC) Network
Appendix (The list of whitelisted addresses are subject to change):Â
Thanks for your support!
Binance Team
2022-09-26
Note: This announcement was last updated on 2024-04-01 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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