Binance will support the Terra Classic transaction fee burn mechanism

2022-09-26 17:55:56

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Chain Catcher news, Binance announced support for the Terra Classic transaction fee burn mechanism, and will send all transaction fees from LUNC spot and margin trading pairs to the LUNC burn address.

Binance stated that the amount to be burned in the first batch will be calculated based on the trading volume from September 21, 8:00 AM Beijing time to October 3, 7:59:59 AM. Transaction fees for LUNC spot and margin trading pairs charged in tokens other than LUNC (such as USDT, BUSD, and BNB) will be converted to LUNC at Binance's real-time price every Monday at 8:00 AM Beijing time.

In addition, Binance stated that from September 21, 8:00 AM to September 27, 8:00 AM Beijing time, the fee rebates for LUNC spot and margin trading pairs under the Binance Spot Liquidity Provider Program will not be counted towards the burn amount. The LUNC burn mechanism will not affect BNB fee discounts, fee rebates, or any other forms of fee adjustments or discounts. The Binance Spot Liquidity Provider Program will suspend fee rebates for LUNC spot and margin trading pairs starting from September 27, 8:00 AM Beijing time. (Source link)

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