Binance to Implement Terra Classic (LUNC) Burn Mechanism on Trading Fees

Fellow Binancians,
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 week in this announcement until further notice.
Validity Period: 2022-09-21 00:00:00 (UTC) until further notice.
Rules

• The calculation of total trading fees on LUNC spot and margin trading pairs to be burned from the previous week will be done every Monday at 00:00:00 (UTC). The subsequent on-chain burn transaction and weekly report will be updated by each Tuesday at 00:00:00 (UTC).
• 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 2022-10-02 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.
• 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 every Monday at 00:00:00 (UTC).
• 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 Manager for further queries.

For the latest burn records, please refer to the table in the English version.

For More: Notice on Tax Burn for LUNC and USTC on Terra Classic (LUNC) Network

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