Binance LUNC Burn to Soon Resume As this Terra Classic Network Upgrade Set to Launch

The LUNC development team is set to upgrade the Terra Classic network to an advanced version. An autonomous LUNC validator, Classy reminded the hopeful Terra community on Sunday that the upgrade is set to happen in a few days.

This upgrade scheduled for February 14 at a Terra Classic block height of 11,543,150, is very critical for the LUNC community as it could bring the resumption of LUNC burn by Binance a step closer. 

Notably, Binance announced support for this upgrade as earlier reported, stating that the planned execution date is just an estimated schedule as the upgrade could happen earlier or before the date mentioned.

“LUNC v1.0.5 goes live in a few days! Binance burns are one step closer!” Classy wrote. 

Terra Classic Upgrade and Binance LUNC Burn

To enhance the functionality as well as make the Terra Classic project more attractive to developers and entities like Binance, Edward Kim recommended that the blockchain network be upgraded from its current v.1.0.4 to v.1.0.5. 

Notably, this proposal which eventually passed governance voting, landed after Binance suspended its ever-hefty LUNC burn contributions last December due to a wrong call — reminting burned LUNC — made by the Terra Classic community. 

The leading cryptocurrency exchange further listed two conditions needed for them to resume LUNC burn. Binance demanded that its wallets should be whitelisted so that the transaction tax is not applied when transferring between these wallets. 

Therefore, Kim recommended this upgrade which is set to go live sooner than later to enable the Joint L1 Task Force to meet Binance’s second requirement. The entire LUNC community is looking forward to this upgrade as the hope Binance would resume its voluntary LUNC burn exercises.

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