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Binance Will Retire LUNC Deposit Addresses. Details Below

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The world’s largest crypto exchange by trading volume, Binance, announced today, April 18, that it would retire existing deposit addresses. These existing addresses include the Terra Classic (LUNC).

Binance Plans to Improve Efficiency and Safety With Upgrade

Per its official blog post, Binance discloses that it is upgrading its wallet infrastructure. This upgrade will help the exchange improve efficiency and secure its users’ funds.

As a result, Binance is retiring the deposit addresses plus memos still on the old infrastructure batch by batch. The users must now acquire a new deposit address.

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Binance Network Addresses for Migration

Binance prepared a list of the network addresses for migration in Q2, from April to June 2023.

Among the addresses is the LUNC network, which uses similar deposit addresses. As a result, the LUNC will also expire, and a new memo will also be needed.

In addition, other networks scheduled to expire are; AMB, XDAI, ARBITRUM, WTC, AVAXC, WAN, BSC, VET, CELO, TOMO, CTXC, THETA, ETC, RSK, ETH, RON, FTM, REI, FTM, OPTIMISM, GLMR, MOVR, KLAY, and MATIC.

Notably, these networks use similar deposit addresses, and as a result, they will also expire. Binance plans to send out email notifications to the affected users in batches.

In addition, it encourages the affected users to acquire a new memo and address once they receive the notification.

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Binance Makes Changes to Its LUNC Burn

Binance announced burning its LUNC trading fees last year to help reduce LUNC supply.

In an update on Wednesday, Binance disclosed that as a part of its changes to the LUNC burn, it would burn only 50% of the overall spot and margin trading fees.

This decision negates the former 100% burn, which the exchange commenced on December 28, 2022.

Due to other changes, Binance will delay the burn of the LUNC next batch until March 1, 2023, as opposed to its former date of January 1, 2023.

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Per the Binance statement, the delay is caused by the token re-mints in response to the 11111 and 10983 Terra Classic proposals.

Binance disclosed it had approached Terra Grants Foundation to make the required changes. Thus, it will develop a new burn wallet to stop the re-minting of the LUNC tokens.

 

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