Existing deposit addresses belonging to Terra Classic [LUNC], BNB, and Steller’s XLM are set to be retired from its platform, Binance announced.
As per the official blog post, the trading platform has been upgrading its wallet infrastructure to increase user efficiency and fund security. As a result, Binance will retire specific deposit addresses and memos in groups organized by networks.
Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo (if applicable) before the expiry date. The expiry date of old deposit addresses will be stated in the notification. Old deposit addresses will expire upon obtaining a new address.
“Email notifications will be sent out in batches to impacted users. It is strongly encouraged that all impacted users obtain a new address and memo (if applicable) upon receiving the notification,” it stated.
Binance also shared a list of network addresses scheduled for migration in Q2, 2023, that is, April to June 2023.
Besides the abovementioned coins, networks like 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.
Two weeks back, the world’s largest crypto exchange burned 1.6 billion LUNC tokens in the 8th batch of the LUNC burn mechanism. In total, more than 52 billion LUNC tokens were sent to dead wallets by the Terra Luna Classic community, with Binance contributing 58% of LUNC burned.
The crypto exchange is the top contributor to the LUNC burn campaign, with over 30.5 billion LUNC tokens.
Weighted Sentiments For Terra Classic Has Turned Positive
While anticipating big burn events, the community rejected plans that would have raised the burn rate. Some feared that Binance would stop using its LUNC burn mechanism or lower burn contribution in a manner similar to how it previously reduced burn contribution for its LUNC trading charge to 50%.
After enduring the heavy bearish sentiments with the collapsed Terra ecosystem, LUNC has once again made it to the limelight. The token’s staking reached the 960 billion mark again with a ratio of over 14%.
Moreover, crowd sentiments have surprisingly swung toward the positive side after the core developer recently made a suggestion that Terra Classic might become an AI chain.