Onboarding Process and Requirements

#GlobalLUNCBurnProgram Rules:

1. If an exchange agrees to form part of the Global LUNC burn program, the exchange should please make a public announcement and use the #GlobalLUNCBurnProgram hashtag.

2. An updated version of the official flyer will be provided with the new partner exchange’s logo on. The exchange should please share the official #GlobalLUNCBurnProgram flyer on all social media platforms to help the Terra Classic community to spread the word.

3. The Exchange should please make an announcement on their website, stating participation in the program. It is advised that Exchanges keep a table of the weekly burn transaction history on their website, like Binance.

4. The CEX must burn 0.5% of all LUNC sell spot and futures trades in exchange for wallet whitelisting. All LUNC trading pairs are included.

5. CEX trading fees are levied on top of the 0.5% LUNC burn tax. A CEX may opt not to levy any CEX trading fees on top of the 0.5% burn tax.

6. The exchange should start the 0.5% burn on all trades and trading pairs from the date that their wallets are whitelisted.

7. The #GlobalLUNCBurnProgram makes provision for exchanges with different infrastructure setup related to fee collection from trading pairs. To eliminate trading pair fee collection configuration complications, exchanges are allowed to levy the 0.5% sell trade burn tax on any side of trading pairs e.g., LUNC/USDT or USDT/LUNC (fees are collected in the coin on the right). The following options are provided:

a). Weekly option 1: It is preferred that the exchange change the trading pair fee collection setup to levy the tax directly in LUNC. LUNC taxes should be stored for the weekly burn.

b). Weekly option 2: However, if levying the tax directly in LUNC is not possible, exchanges can levy the tax on all other trading pair coins and convert tax proceeds to LUNC. Take the LUNC/USDT trading pair as an example: If the tax is levied in USDT, the collected USDT tax should be converted to LUNC. The Exchange should write a simple automated procedure (trading bot) to convert the USDT tax at market price to LUNC, every 15 minutes. The converted LUNC should be stored for the weekly burn. Exchanges are allowed to deduct internal conversion fees.

c). Live: Exchanges that can send LUNC live to the burn address, as trading happens, are free to do so.

8. For any weekly burn option, the exchange should send LUNC taxes to the burn wallet, once weekly for the previous week. The exchange is free to choose any weekday most suited to their internal operations.

9. We have learned from the Binance burns model, that the community gets excited from burn tax announcements and reports, thereby creating a continuous marketing opportunity for participating exchanges. Therefore, all exchanges should please make a weekly burn announcement on the day that the burn proceeds are sent to the burn address. The burn announcement should have the transaction ID.

10. LUNC burn proceeds should be sent to the following address, until further notice: terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu

The standard process to onboard any exchange is as follows:

The @LUNCBurnProgram team needs all wallet addresses for the exchange, as this program whitelists all wallets of participating exchanges.

1

0.5% BURN TAX

The @LUNCBurnProgram team will put the whitelisting proposal up for vote on Terra Station (this is the standard process for deploying all code on the Terra network).

2

Once the vote passes, a developer from the Terra Classic community will be tasked to apply whitelist code on the network.

3

Therefore, the Terra Classic community does most of the onboarding work, and there is minimal work required from the exchange.

IMPORTANT: Deploying any code, including the addition of addresses to be whitelisted on the terra classic network must go through the community governance process. Therefore, the exchange should only announce participation once the vote has passed.