The Terra Classic community could see their big expectation come to reality as all Binance-related LUNC burn proposals, submitted for voting, have gained needed community support.
Following these developments, it is presumed that the top-ranked contributor to the LUNC burn campaign is likely to resume its burn contributions in March.
Per an earlier report by Times Tabloid, Binance, the world’s largest crypto exchange by trading volume, suspended its 100% burn of trading fees derived from its platform’s LUNC spot and margin trading last December.
The exchange further listed two conditions that would make it resume its voluntary LUNC burn, adding that it would drop its support by 50%. Notably, Binance cited the rollout of the community’s agenda to remint burned LUNC as the reason for the notable change that has impeded the burn rate of Terra Classic tokens. Subsequently, reminting of burned LUNC was halted.
Terra Classic developers have since been ramping up efforts to make the Binance exchange resume LUNC burning. Accordingly, several proposals including the recent signal proposals by Edward Kim were submitted for community consensus voting to enable developers to meet the exchange’s requirements. Interestingly, all these proposals passed governance voting.
Particularly, Binance demanded that its wallets should be whitelisted against on-chain tax. Secondly, the top exchange requested that a separate wallet should be created for the transfer of its burn contributions.
The recent upgrade of the Terra Classic blockchain from v.1.0.4 to v.1.0.5 enabled the fulfillment of Binance’s number requirements for the LUNC burn continuation. The eventual passing of the three signal proposals submitted by Edward Kim will enable the Joint L1 Task Force to implement the remaining changes requested by the exchange.
It bears mentioning that the resumption of LUNC burn events by Binance would cause a great spike in the total number of LUNC burned. So far, Binance alone has destroyed approximately 20.1 billion Terra Classic tokens.
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