Terra Classic Community Passes Proposal To Bring Back Binance Burns

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Proposal 11310 by Terra Classic core developer Edward Kim has unanimously passed the threshold. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduces codes to make future upgrades possible.

The upgrade also enables the Terra Grants Foundation to make the required changes suggested by crypto exchange Binance to bring back the LUNC burn mechanism.

Terra Classic Community Approves Crucial Proposal 11310

Terra Classic core developer Edward Kim submitted Proposal 11310 last week. As part of the proposal, the Joint L1 Task Force will perform a software upgrade on the Terra Classic blockchain to transition from v1.0.4 to v1.0.5. It will make transaction fees (gas and burn tax) estimation and future chain upgrade a lot easier and smoother.

While there’s still a day left to vote on the proposal, the community has rushed to approve the blockchain upgrade proposal by Edward Kim. The LUNC community has always supported proposals suggested by professor Kim.

As per current voting details, 99.99% of voters support the proposal. It has received 46 validator votes until now and all have voted in favor of the proposal. Among the top validators, Allnodes, Interstellar Lounge, StakeBin, Luna Station 88, and Classy’s Sphere have voted “Yes” to the proposal.

Joint L1 Task Force consisting of Edward Kim, Tobias “Zaradar” Anderson, and other developers will fix the node’s LCD endpoint that corrects a calculation issue on the LCD. The upgrade is scheduled to happen at block 11,543,150, expected on February 14.

In fact, this is the first upgrade for the Terra Classic blockchain as per the Q1 roadmap. It will be followed by v1.0.6, Cosmos SDK, Tendermint, and v2.0.4 upgrades.

Furthermore, it will also enable developers to make necessary changes as suggested by Binance to bring back burn. The crypto exchange temporarily suspended its LUNC burn mechanism and reduced its commitment to burn 50% of the LUNC spot and margin trading fees instead of 100%. Binance may stop its LUNC burn mechanism if the Terra Classic community fails to make these changes.

LUNC Price Lost Momentum?

Terra Classic witnessed a massive rally recently amid renewed interest among the community members. However, the LUNC price has lost upside momentum.

LUNC price increased nearly 1% in the last 24 hours, with the price currently trading at $0.0001791. The 24-hour low and high are $0.0001773 and $0.0001804, respectively. Meanwhile, the trading volume has decreased by 40% in the last 24 hours, indicating a lack of interest from traders.

Also Read: Bitcoin (BTC) Price To Hit $25K or $21K, What’s Next?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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