Terra Classic (LUNC) Burn Mechanism on Trading Fees

In order to ensure user trading experience and respond to the Terra Classic (LUNC) community transaction fee destruction proposal, Binance decided to send the transaction fee generated on all LUNC spot and leveraged trading pairs to the LUNC destruction address for execution.

The specific LUNC burning quantity, USDT value and burning transaction ID will be updated weekly in this announcement.

The destruction time is September 21, 2022 08:00:00 (East Eighth District time) until further notice.

Binance will count the total transaction fees for LUNC spot and leveraged trading pairs in the previous week at 08:00:00 (East 8th district time) every Monday, and complete it before 08:00:00 (East 8th district time) every Tuesday Transfer funds on the chain and update weekly data.

The statistical period for the destruction of the first batch of LUNC fee income is from September 21, 2022 08:00:00 (East Eighth District time) to October 2, 2022 07:59:59 (East Eighth District time).

From September 21, 2022 08:00:00 (East 8th District time) to September 27, 2022 08:00:00 (East 8th District time), the rebate procedures for spot market traders LUNC spot and leveraged trading pairs The fee will not be counted in the first batch of destruction statistics.

USDT, BUSD, BNB and other non-LUNC fee assets will be converted into LUNC at the exchange rate of Binance platform every Monday at 08:00:00 (East 8th district time).

The proposal to destroy the transaction fee of the LUNC community will not affect the BNB fee discount, fee rebate, and any other form of fee adjustment or fee discount.

The spot market maker plans to suspend all LUNC spot and leveraged trading rebates to market makers at 08:00:00 on September 27, 2022.

VIP users’ 30-day trading volume and spot market account pending order trading volume statistics rights will not be affected by this proposal.

For more information on Binance Institutional and VIP services, please visit Binance Institutional Service Upgrades.

Please refer to the following table for the destruction record:

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 1 2022-09-21 00:00:00 – 2022-10-01 23:59:59 To be updated on 2022-10-03 (UTC) To be updated on 2022-10-03 (UTC) To be announced on 2022-10-03 (UTC)

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