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Binance reinstating its LUNC burn mechanism is the key moment for the Terra Luna Classic community. With Proposal 11367 officially passed, the blockchain will be halted at block 11,734,000 height. The halt is expected on February 28 at 5 PM EST or 10 PM UTC to implement the v1.1.0 upgrade.
All node operators and validators are required to install and run the upgrade version v1.1.0 to continue normal functions on the network.
Also Read: How Much Terra Luna Classic (LUNC) Tokens Will Binance Burn?
The Terra Luna Classic community has officially passed the 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.
While the proposal already reached the pass threshold a few days ago, it has officially passed today. According to the voting details, Proposal 11367 has already passed the threshold level. The proposal received 96.60% votes in favor. It indicates all required changes by Binance will be fulfilled with an upcoming upgrade to happen today.
LUNC influencers including Classy Crypto shared the news with the community, saying “Binance burns are coming!” He also expects Binance LUNC burn to be between 14-16 billion in a YouTube video, but agreed with CoinGape’s prediction of 10 billion LUNC burns.
$LUNC V1.1.0 HAS PASSED! LFGGGG#Binance burns are coming! pic.twitter.com/OpSuL4XbF2
— Classy 🔮 (@ClassyCrypto_) February 28, 2023
Terra Luna Classic To Bring Back Utility
The Joint L1 Task Force consists of developers Edward Kim, Tobias “Zaradar” Anderson, and Jacob Gadikian’s Notional Labs, who are working to bring back utility to the chain. Binance LUNC burn to kickstart pending developments and plans for the revival of the Terra Luna Classic chain.
Meanwhile, TerraCVita is working on Terraport Finance, the DeFi solution for the LUNC, to contribute to the community and bring back utility.
At the time of writing, LUNC price trades at $0.0001649, up nearly 2% in the last 24 hours. The trading volume has also increased by over 40% in the past 24 hours.
Also Read: Ethereum Shanghai Upgrade Live On Sepolia For ETH Withdrawals
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