{"id":65192,"date":"2022-09-26T18:39:54","date_gmt":"2022-09-26T11:39:54","guid":{"rendered":"https:\/\/wikibinance.com\/?p=65192"},"modified":"2022-09-26T18:41:20","modified_gmt":"2022-09-26T11:41:20","slug":"binance-1-2-lunc-burn","status":"publish","type":"post","link":"https:\/\/wikibinance.com\/en\/news\/binance-1-2-lunc-burn.html","title":{"rendered":"Binance implements 1.2% LUNC burn mechanism for every trade on the exchange"},"content":{"rendered":"

Binance implements 1.2% LUNC burn mechanism <\/strong><\/h2>\n
In response to the community’s proposal to burn LUNC<\/strong> while maintaining a good trading experience for users, Binance will implement a 1.2% LUNC burning mechanism on spot and margin<\/a> trading pairs<\/span>.\u00a0<\/span><\/div>\n

The calculation of total trading fees on LUNC spot and margin trading pairs to be burned from the previous week will be done\u00a0every Monday<\/strong>\u00a0at 00:00:00 (UTC). The subsequent on-chain burn transaction and weekly report will be updated by\u00a0each Tuesday<\/strong>\u00a0at 00:00:00 (UTC).<\/span><\/p>\n

>>> Related: Guide to sign up for Binance account update 2022<\/a><\/em><\/p>\n

\"Binance
Binance implements 1.2% LUNC burn mechanism<\/figcaption><\/figure>\n

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). <\/span>The fee rebates on LUNC spot and margin trading pairs toward\u00a0<\/span>Binance Spot Liquidity Provider Program<\/span>\u00a0for 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.<\/span><\/p>\n

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).<\/span><\/p>\n

LUNC burn mechanism will not affect\u00a0<\/span>BNB fee discounts<\/span>,\u00a0<\/span>fee rebates<\/span>, or any other form of fee adjustment or fee discount.\u00a0<\/span>Binance Spot Liquidity Provider Program<\/span>\u00a0will\u00a0pause fee rebates toward LUNC spot and margin trading pairs starting from 2022-09-27 at 00:00:00 (UTC).<\/span><\/p>\n

Trading volume on the LUNC spot and margin trading pairs will continue to be counted in the 30-day volume calculation toward\u00a0<\/span>Trading Fee Level<\/span>\u00a0and\u00a0<\/span>Binance Spot Liquidity Provider Program<\/span>. <\/span><\/p>\n

LUNC price rises<\/strong><\/h2>\n

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<\/a>,\u00a0LUNC price is continuing to rise and is trading at $0.000319.<\/p>\n

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\"LUNC\"<\/a>
LUNC price rises. Source: Ecoinomic.io<\/figcaption><\/figure>\n<\/div>
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Binance implements 1.2% LUNC burn mechanism In response to the community’s proposal to burn LUNC while maintaining a good trading experience for users, Binance will implement a 1.2% LUNC burning mechanism on spot and margin trading pairs.\u00a0 The calculation of total trading fees on LUNC spot and margin trading pairs to be burned from the […]<\/p>\n","protected":false},"author":28,"featured_media":65129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[392],"tags":[1457,4308,4309],"_links":{"self":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/65192"}],"collection":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/comments?post=65192"}],"version-history":[{"count":3,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/65192\/revisions"}],"predecessor-version":[{"id":65195,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/65192\/revisions\/65195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/media\/65129"}],"wp:attachment":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/media?parent=65192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/categories?post=65192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/tags?post=65192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}