Tech

Binance Likely To Resume LUNC Burns As This Proposal Passes

01/27/2023
Bitcoin Ethereum News

The Terra Classic chain will upgrade to v1.0.5.

The Terra Classic community has passed proposal 11310 to upgrade the chain to v1.0.5.

As Terra Classic core developer Edward Kim highlighted, the most critical update is an “upgrade version map hotfix.” Notably, a problem with the “upgrade keeper,” which stores historical data of the module versions on the chain, made it difficult for developers to implement upgrades. The upgrade to v1.0.5 proposes to fix this, among other things.

Terra Classic influencer and network validator Classy disclosed that the proposal had passed on Wednesday. The influencer asserted that developers can now exempt Binance’s wallet from the on-chain tax, fulfilling the last condition for the crypto exchange to resume voluntary Terra Luna Classic (LUNC) burns. Per the screenshot shared, the proposal attracted over 68% of the network’s voting power, with 99.99% voting in favor.

Recall that Binance halted its voluntary LUNC burns in response to token re-mints. The crypto exchange conditioned its continued support on assurances that the network excluded its burns from token re-mints and exempted its wallet from the on-chain tax.

Notably, the community met the first condition by voting to end LUNC burn re-mints. However, it has so far failed to whitelist the Binance wallet. As previously reported, Classy asserted that it was because developers could hardly update the chain due to issues identified in the proposal. Consequently, the validator claimed that the proposal needed to pass before developers could fulfill the second condition.

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Binance set a tentative date of March 1 to resume LUNC burns. It is unclear if or when a proposal will be introduced to whitelist the Binance wallet.

Meanwhile, Kim hinted at the proposal’s passing in a Twitter thread yesterday, revealing that he would be coordinating the upgrade today.

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Source: https://thecryptobasic.com/2023/01/27/binance-likely-to-resume-lunc-burns-as-this-proposal-passes/?utm_source=rss&utm_medium=rss&utm_campaign=binance-likely-to-resume-lunc-burns-as-this-proposal-passes