It’s another great day in the Terra Classic community as Edward Kim’s proposal related to Binance LUNC burn support, passes governance voting.
Per an update from Classy, a prominent validator on the Terra Classic network, Proposal 11310 which sets out to upgrade the LUNC blockchain from v.1.0.4 to an advanced version – v.1.0.5 – has gained tremendous support from the community. The critical proposal passed with a 99.99% Yes vote on Friday.
$LUNC VERSION V1.0.5 HAS NOW PASSED!
We can now add the #Binance wallet whitelist!
BINANCE BURNS ARE COMING BACK! pic.twitter.com/HOGBcb7JJw
— Classy 🔮 (@ClassyCrypto_) January 25, 2023
As earlier revealed by Classy, the success of this LUNC network upgrade proposal is strategic as it would enable the Joint L1 Task Force development group to completely meet Binance’s condition for the continued support of the LUNC burn expedition.
Recall that the exchange was forced to suspend its voluntary burning of all fees collected from the trading of LUNC in its spot and margin markets till March 2023. Binance further announced a 50% reduction in its LUNC burn contribution, citing two conditions to participate in the Terra Classic token reduction initiative.
This notable modification from CZ’s crypto exchange came after the Terra Classic community introduced an agenda to mint back burned LUNC. But subsequently, the reminting of burned LUNC was ended. Nonetheless, the impact of Binance’s burn suspension was crystal clear as LUNC dumped massively thereafter.
Binance’s second demand is to have its wallets whitelisted so that the transaction tax is not applied when transferring the LUNC tokens to be burned. With the passing of Proposal 11310, the LUNC development team can now exempt Binance’s wallet from the on-chain tax as well as whitelist its wallets.
Therefore, the largest crypto exchange by market capitalization which doubles as the top Terra Classic burns contributor is likely to resume its LUNC burning event. But, Terra Classic developers are yet to affirm the whitelisting of Binance’s wallet although Edward Kim wrote that he will be coordinating the v1.0.5 upgrade in known validator channels and github repos this week.
It bears mentioning that Binance has burned approximately 20.1 billion LUNC so far. Hence, picking up from its last burn event would be of great support to the Terra Classic community while increasing the overall LUNC burn rate.