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The Terra Luna Classic community’s main objective in February was to focus on returning the Binance LUNC burn mechanism. After Proposal 11310 by Terra Classic core developer Edward Kim was unanimously passed in January, the community moves swiftly to pass another key proposal.
Proposal 11367 “Upgrade v1.1.0” submitted by Terra Classic core developer Edward Kim on behalf of the developer group Joint L1 Task Force is the only proposal to bring back Binance LUNC burn. It 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. It is a follow-up of three key proposals passed this week:
Proposal 11358 “Wallet Exemption to On-chain Tax” passed with nearly 95% votes in favor. The proposal aims to exempt the 0.2% burn tax from internal movement between Binance-owned wallets, which was impacting Binance’s revenue.
Proposal 11359 “Separate Burn Wallet Exempt from Seigniorage” also passed in majority with 99.78% votes in favor. The proposal aims to prevent the re-minting of LUNC from burn contributed by Binance. Thus, a separate burn wallet will be created where LUNC sent will remain burned. Currently, the development fund or seigniorage reminting is disabled after the community passed Proposal 11242.
Proposal 11360 “Burn Tax Split to Community Pool” has received almost 95% votes in favor. The proposal seeks the creation of a new parameter that does not utilize the seigniorage remint policy. However, it has an independent ability to directly send a percentage of the on-chain tax to the community pool.
Binance in December requested the Terra Classic developer team to make necessary changes by March 1 for continuing its LUNC burn mechanism. Failing to do so, the exchange will consider withdrawing the burn contribution. Also, Binance will burn 50% of the LUNC spot and margin trading fees instead of 100% from now onwards.
The blockchain upgrade has to be live before March 1, or else, Binance may delay its LUNC proposal again.
Terra Luna Classic Price Falls Amid Burn Rate Decline
Terra Luna Classic price plummeted over 4% in the last 24 hours, with the LUNC price currently trading at $0.0001608. The 24-hour low and high are $0.0001593 and $0.0001679, respectively.
Furthermore, the trading volume has decreased by 5% in the last 24 hours, indicating a decrease in interest. LUNC influencer Classy Crypto cited a CoinGape article agreeing to a decline in the burn rate from projects and validators impacting the revival initiative.
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