Terra Classic V.1.1.0 is the first major release that utilized the upgrade governance proposal mechanism to upgrade the LUNC blockchain.
The strategic and essential Terra Classic network upgrade, which lasted for roughly seven hours earlier today, addresses all concerns that deterred Binance’s LUNC burn contribution.
With the ball now in Binance’s court, the Terra Classic community can only hope that the top exchange doesn’t change its mind. Recall that the exchange halted its voluntary LUNC burn last December because the community passed a proposal to mint burned LUNC.
Notably, Binance demanded that its affiliated wallets should be exempted from on-chain tax, adding that a separate burn wallet is created for the exchange if it must resume LUNC burn on March 1.
Terra Classic V.1.1.0 Upgrade Live
The anticipated Terra Classic V.1.1.0 upgrade, designed to suit Binance’s conditions for resuming LUNC burn went live today, although it was projected for February 28. As earlier reported, the upgrade which was supported by Binance was slated to be executed at a block height of 11,734,000.
According to updates from notable members of the LUNC community, it took about seven hours for the V.1.1.0 upgrade to be completed by LUNC community developers. It was noted that during the period of the upgrade, the Terra Classic network was mildly unstable.
Asobs who first shared the development on Twitter wrote, “The LUNC network is running again! The update is live and we are moving forward.” He added that the Terra Classic community should expect the resumption of LUNC burns from the CZ-owned crypto exchange. “Binance LUNC burns just around the corner,” he wrote.
The $LUNC network is running again! 🚀
The update is live and we are moving forward 🤝@binance #LUNC burns just around the corner 🔥🔥
Its a good day 🫶 pic.twitter.com/ibUMBXrFrS
— Asobs (@Asobs_YT) March 1, 2023
Edward Kim, an associate professor at Drexel University and a senior developer in the LUNC community confirmed the successful execution of the Terra Classic V.1.1.0 upgrade, as per a subsequent tweet from Asobs.
A certain LUNC proponent and Cosmos enthusiast known as The Vinh Nguyen later revealed that the upgrade was a 7-hour chain upgrade experience, applauding the efforts of Kim and other core developers.
Recall that Kim proposed this upgrade on February 14, highlighting that the migration to V.1.1.0 would contain governance-approved features to the Terra Classic blockchain.
Particularly, the development exempts Binance’s wallet from being levied the LUNC on chain tax, adding a burn tax split feature. With the Terra Classic V.1.1.0 upgrade, no burned LUNC would be reminted.
Accordingly, full node operators and validators on the network will have to install and run the current version v1.1.0 to function properly.
Will Binance Resume LUNC Burn?
The exchange is yet to disclose its stance on LUNC burn but it is likely to resume the initiative, given that the Terra Classic community has satisfied all the conditions outlined by Binance. However, the anticipated resumption will see a 50% reduction in Binance’s LUNC burn volume as earlier reported.
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