Binance LUNC Burn To Return As Terra Luna Classic Proposal Passes?

The world’s largest crypto exchange Binance presented some terms directly to the Terra Luna Classic community in order to continue its LUNC burn mechanism from March 1. In response, the Terra Luna Classic community passed three key proposals, ensuring to bring back Binance’s contribution LUNC burn campaign to reduce circulating supply.

The Terra Luna Classic community currently votes on key Proposal 11367 “Upgrade v1.1.0” by core developer Edward Kim. The proposal contains governance-approved features to the Terra Classic blockchain, including a tax exemption list, burn tax split, no-reminting of the burn wallet, as well as mandatory security updates.

The software upgrade proposal is a follow-up proposal to three key proposals. It includes Proposal 11358 “Wallet Exemption to On-chain Tax”, Proposal 11359 “Separate Burn Wallet Exempt from Seigniorage” and Proposal 11360 “Burn Tax Split to Community Pool” passed this week.

According to the current voting details, Proposal 11367 has already passed the threshold level. The proposal received 99.96% votes in favor. It indicates all required changes by Binance will be fulfilled with an upcoming upgrade on February 28.

Terra Classic developer will halt the blockchain at block height 11,734,000, approximately at 10 PM UTC on Feb 28. All nodes and validators need to upgrade to the current upgrade version v1.1.0 for continuing their roles on the network.

Terra Luna Classic (LUNC) Price Amid Binance Burn Return

Terra Luna Classic price fell amid the decline in LUNC burns in the last few weeks. However, the LUNC price has recently recorded slight upside momentum despite the massive correction in the broader crypto market.

LUNC price rises just 1% in the last 24 hours, with the price currently trading at $0.000162. The 24-hour low and high are $0.0001603 and $0.0001681, respectively. Furthermore, the trading volume has increased by 5% in the last 24 hours.

However, LUNC price comparatively shows better momentum than other cryptocurrencies as the upgrade comes near. The LUNC price is expected to rise after the Binance LUNC burn planned on March 1.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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