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Binance implements 1.2% LUNC burn mechanism
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).
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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 2022-10-01 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) 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.
LUNC price rises
Prior to the news that Binance implements a burn mechanism, the price of LUNC has increased by 40%. As of the press time, according to data from Ecoinomic.io, LUNC price is continuing to rise and is trading at $0.000319.
