Terra Classic Community Passes Proposal to Bring Back Binance LUNC Burn: Details

Binance, the world’s largest crypto exchange by trading volume, is likely to resume its monthly LUNC burn events to continue supporting the Terra Classic community’s goal of reducing the total supply of LUNC to 10 billion.

This valid speculation follows after the majority of the Terra Classic community voted in support of the proposal that sets out to upgrade the LUNC blockchain to an advanced version — v.1.1.0. This proposal, authored by Edward Kim, equally seeks to add three optional features on the Terra Classic blockchain.

A top validator and widely followed crypto influencer, pseudonymously known as ClassyCrypto, shared this update in a Tuesday tweet.

It bears mentioning that this passed proposal is vital because it addresses Binance’s condition to resume LUNC burn after the top exchange halted its voluntary burn of trading fees derived from LUNC margin and spot trading last December.

The exchange suspended its monthly LUNC burn event as it did not want to see its burned tokens reminted. Amid suspending LUNC burn because of the wrong call made by the project community, Binance noted that it would continue burning LUNC if only the community would cease reminting burned LUNC, exempt its affiliated wallets from on-chain tax as well as create a separate burn wallet for the exchange.

Recall that the Terra Classic community rolled out an agenda to remint burned LUNC to fund its community spend pool and facilitate ecosystem developments. However, this controversial token reminting agenda was halted as part of satisfying Binance’s condition to bring back LUNC burn.

With the recent passing and eventual implementation of the vital proposal from the lead LUNC developer Edward Kim, all of Binance’s demands would have been satisfied. Accordingly, the exchange may pick up LUNC burn on March 1, 2023, as earlier noted, but with reduced support.

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