24/7 Cryptocurrency News

Binance LUNC Burn Could Be Utility Moment For Terra Luna Classic

Binance to reinstate its LUNC burn mechanism and burn billions of token as Proposal 11367 has officially passed.
Published by
Binance LUNC Burn Could Be Utility Moment For Terra Luna Classic

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.

Advertisement

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

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’

The long-running rivalry between gold and Bitcoin has resurfaced. Economist and gold advocate Peter Schiff…

October 8, 2025
  • 24/7 Cryptocurrency News

CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300

BNB has surged to a record $1,300, overtaking XRP in market value, as CEA Industries…

October 7, 2025
  • 24/7 Cryptocurrency News

Peter Brandt Predicts XRP Could Drop to $2.2 If This Happens

Veteran trader Peter Brandt has dropped another XRP analysis, in which he revealed what could…

October 7, 2025
  • 24/7 Cryptocurrency News

Fed’s Stephen Miran Says He’s ‘Sanguine’ on Inflation Outlook as He Backs More Rate Cuts

Federal Reserve Governor Stephen Miran has again suggested that he isn't worried about the inflation…

October 7, 2025
  • 24/7 Cryptocurrency News

S&P Launches Crypto 50 Index But There’s A Catch

S&P Dow Jones Indices has introduced a new crypto index called the S&P Digital Markets…

October 7, 2025
  • 24/7 Cryptocurrency News

NYSE Owner ICE to Invest $2B in Polymarket as Interest in Prediction Markets Heats Up

Crypto predictions platform Polymarket has secured a strategic investment from New York Stock Exchange (NYSE)…

October 7, 2025