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Binance to Retire Existing Terra Classic (LUNC) Deposit Addresses, Here's Why

Tue, 04/18/2023 - 13:20
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Tomiwabold Olajide
Current deposit addresses and memos on selected networks will be retired
Binance to Retire Existing Terra Classic (LUNC) Deposit Addresses, Here's Why
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Top crypto exchange Binance has announced it will be retiring existing deposit addresses, which include that of Terra Classic (LUNC).

In an official blog post, Binance says it has been upgrading its wallet infrastructure to provide better efficiency and fund security to its users. As such, it is retiring deposit addresses and memos still on the old infrastructure in batches.

Due to this, current deposit addresses and memos on selected networks will be retired, and users are required to obtain a new deposit address.

In a table, Binance gives the list of network addresses scheduled for migration in Q2, 2023, that is, April to June 2023.

The LUNC network was among those utilizing the same deposit address and, thus, will expire. A new memo will also be required.

Also, networks AMB, ARBITRUM, AVAXC, BSC, CELO, CHZ, CTXC, ETC, ETH, FTM, GLMR, KLAY, MATIC, MOVR, OPTIMISM, REI, RON, RSK, THETA, TOMO, VET, WAN, WTC and XDAI were stated as utilizing the same deposit address and will expire.

Binance says it will send out email notifications in batches to impacted users. It urges impacted users to obtain a new address and memo (if applicable) upon receiving the notification.

Binance burns 1.6 billion LUNC in April

Last year, Binance announced changes to the burning of LUNC trading fees to continue to contribute to the decrease in the supply of LUNC and be in line with what the community originally looked forward to.

Binance now burns 50% of the LUNC spot and margin trading fees instead of 100%. This took effect in December 2022.

Binance to Temporarily Suspend LUNC Withdrawals, Here's When and Why

On April 1, Binance announced it had burned 1,612,903,453 LUNC worth $213,812, which covers fees from Feb. 28 to March 30, 2023.

The next batch of burns, batch 9, will be undertaken on May 2, 2023.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.