Binance Announces Support for Terra Classic Network Upgrade Addressing LUNC Burn

The continued support for Terra Classic from the widely adopted cryptocurrency exchange Binance seems to be a big booster to the bullish sentiments on LUNC.

Following the massive community support and passing of the signal proposal submitted on February 14 by a senior member of the Joint L1 Task Force, Edward Kim, the stage has been prepared for a Terra Classic network upgrade. 

On Tuesday, the leading crypto exchange, Binance confirmed its support for this upgrade on the public and open-source blockchain — v.1.1.0. 

“Binance will support the Terra Classic network upgrade,” the press release said. The exchange added that it will handle all technical requirements involved for all users holding LUNC, and TerraClassicUSD (USTC) in their Binance accounts.

Particularly, the network upgrade, which was scheduled for February 28 at a block height of 11,734,000, sets out to add new features to the Terra Classic blockchain. The features are designed to address the key conditions outlined by Binance to consider resuming its voluntary monthly LUNC burn events. 

According to Edward Kim, v.1.1.0 is the first major release that will utilize the upgrade governance proposal mechanism to upgrade the Terra Classic chain. He added,  “this release contains governance-approved features to the Terra Classic blockchain, including tax exemption list, burn tax split, no-reminting of the burn wallet, as well as mandatory security updates.”

It bears mentioning that the v.1.1.0. Terra Classic network upgrade comes shortly after LUNC developers upgraded the blockchain from v.1.0.4 to v.1.0.5. All of these recent upgrades by LUNC developers aim to bring back the halted monthly Binance LUNC burn events. 

As earlier reported, Binance said it would resume LUNC burn today if the Terra Classic community met its requirements which have all been addressed. While the exchange is yet to disclose its latest stance on LUNC burn, it should be noted that Binance will only burn 50% of trading fees derived from LUNC spot and margin trading. 

Binance remains the largest contributor to the LUNC burn expedition with roughly 20.1 billion tokens burned by the top exchange. At press time, approximately 39.6 billion LUNC have been burned.

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