Terra Classic V1.1.0 Upgrade Goes Live, Will Binance Resume LUNC Burns Today?

The upgrade took at least 7 hours to complete.

The Joint Layer 1 Task Force has completed the Terra Classic v1.1.0 upgrade.

Asobs, a community influencer, disclosed this in a tweet today, later sharing a Discord message from Terra Grants Foundation Director Edward Kim, confirming the development. A tweet moments ago from The Vinh Nguyen, who appears to be a junior Joint Layer 1 Task Force member, further confirmed the development, describing it as a “7 hour chain upgrade experience.”

The upgrade was scheduled to kick off at a block height of 11,734,000, estimated to occur at about 22:00 UTC on Feb. 28, per a previous report citing a Binance blog post confirming support for the upgrade. Recall that the team had hinted at the near launch of v1.1.0 just over a week ago, disclosing that the first release candidate was operational.

Per the GitHub release by Kim, the upgrade contains the following:

  • A proposed tax exemption list.
  • A proposed split of the on-chain tax with 10% allocated directly to the community pool, eliminating the need for token re-mints.
  • A new burn wallet exempted from potential burn tax re-mint calculations.
  • Necessary security updates.

It is worth noting that the upgrade is especially significant if Binance is to resume its voluntary burn of Terra Luna Classic (LUNC) trading fees. Recall that the leading crypto exchange decided to pause its LUNC burn in response to token re-mints, requesting that the community create a separate burn wallet to exempt its LUNC burns from token re-mints and exempt its wallets from the on-chain tax for internal transfers. Notably, two of the features in the v1.1.0 release address these demands.

As reported, Kim proposed the addition of these features in the upgrade earlier this month. The crypto exchange had promised to resume its LUNC burns today, burning 50% of the total LUNC obtained from December to March 1, if the community met its demands. At press time, Binance is yet to conduct its seventh batch of LUNC burns, perhaps delayed by the upgrade. Notably, its LUNC burn record is scheduled to be updated by March 2, per the page updated last on Feb. 27.

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Binance remains the most significant contributor to LUNC burns, with over 20 billion LUNC burnt.

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Source: https://thecryptobasic.com/2023/03/01/terra-classic-v1-1-0-upgrade-goes-live-will-binance-resume-lunc-burns-today/?utm_source=rss&utm_medium=rss&utm_campaign=terra-classic-v1-1-0-upgrade-goes-live-will-binance-resume-lunc-burns-today