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Terra Classic Community Approves Binance Burns Return

  • Proposal 11310 was made by core Terra Classic developer Edward Kim, and it was overwhelmingly accepted.

  • The upgrade allows the Terra Grants Foundation to apply Binance's LUNC burn mechanism recommendations.

25-Jan-2023 By: Shikha Jha
Terra Classic Commun

The Terra Classic community approves Edward Kim's 

Crucial Proposal 11310, which updates the LUNC blockchain.

Edward Kim, a core developer for Terra Classic, submitted proposal 11310, which was overwhelmingly approved. The proposal calls for upgrading the blockchain from version 1.0.4 to version 1.0.5 and includes codes that will enable further updates.

The upgrade also makes it possible for the Terra Grants Foundation to implement the adjustments recommended by the cryptocurrency exchange Binance in order to reinstate the LUNC burn mechanism.

Community of Terra Classic Approves Important Proposal 11310

Edward Kim, a core developer for Terra Classic, just submitted Proposal 11310. The Terra Classic blockchain will undergo a software upgrade by the Joint L1 Task Force to go from version 1.0.4 to version 1.0.5 as part of the proposal. Estimating transaction fees (gas and burn tax) and future chain upgrades will be much simpler and more seamless as a result.

The community has moved quickly to support Edward Kim's proposal for a blockchain update, despite the fact that there is still one day remaining to cast a vote on it. The LUNC community has consistently backed professor Kim's recommendations.

As per the most recent voting results, the proposal has 99.99% of the vote. There have been 46 validator votes thus far, and each one has supported the proposal. The proposal has received "Yes" votes from the majority of validators, including Allnodes, Interstellar Lounge, StakeBin, Luna Station 88, and Classy's Sphere.

Edward Kim, Tobias "Zaradar" Anderson, and other programmers from the Joint L1 Task Force will update the LCD endpoint on the node that fixes a calculation error on the LCD. On February 14, the update is slated to take place at block 11,543,150.

According to the Q1 roadmap, this is actually the first upgrade for the Terra Classic blockchain. Upgrades to Tendermint, Cosmos SDK, v1.0.6, and v2.0.4 will come after it.

Additionally, it will provide developers the freedom to implement the adjustments Binance recommends in order to bring back burn. The crypto exchange cut its commitment to burn 50% rather than 100% of the LUNC spot and margin trading fees and temporarily paused its LUNC burn mechanism. If the Terra Classic community does not implement these improvements, Binance may stop using its LUNC burn mechanism.

LUNC Price Losing Steam?

Recently, a sizable rally took place in Terra Classic as the locals' interest grew. The LUNC price has, however, halted its upward impetus.

The price of LUNC climbed by about 1% in the previous day, and is now trading at $0.0001703. The low and high values for the past day are $0.00016552 and $0.00018064, respectively. In the meantime, the trading volume has dropped by 40% during the past 24 hours, suggesting that traders are not interested.