Binance’s Terra Classic (LUNC)’s previous introduction of the burning mechanism was greeted with enthusiasm by the community. With the official acceptance of proposal 11367, the blockchain will be halted at the 11,734,000 high block. The halt is expected to occur at 1 am today, while the v1.1.0 upgrade is expected.
All node operators and validators are required to install and run the v1.1.0 upgrade version to resume normal functionality on the network.
LUNC community has officially accepted the 11367 “Upgrade v1.1.0” key Offer by core developer Edward Kim. The proposal includes governance-approved features to the Terra Classic blockchain, including a tax exemption list, burn tax separation, no burn wallet reprints, and mandatory security updates.
Although the proposal was accepted to pass a few days ago, it has officially passed today. According to the voting details, it is seen that the proposal numbered 11367 has already exceeded the threshold level. The proposal received 96.60% of the votes in favour. Binance It shows that all necessary changes will be made by an upgrade that will take place today.
Well-known names from the LUNC community, including Classy Crypto, said, “Binance burns are coming!” excitement with the message fueled. Also, in a YouTube video, Binance expects the Terra Classic token burn to be between 14-16 billion, but different estimates say the number will be limited to 10 billion.
$LUNC V1.1.0 HAS PASSED! LFGGGG#Binance burns are coming! pic.twitter.com/OpSuL4XbF2
NEWS CONTINUES BELOW— Classy 🔮 (@ClassyCrypto_) February 28, 2023
Will Terra Luna Classic Go Back To Its Old Days?
The Joint L1 Task Force is comprised of developers Edward Kim, Tobias “Zaradar” Anderson, and Jacob Gadikian’s Notional Labs working to bring benefit back to the chain. Binance LUNC is performing the burns to kick off pending developments and plans for the Terra Luna Classic chain revival.
Meanwhile, TerraCVita announced that it is working on Terraport Finance, its DeFi solution for LUNC, to contribute to society and bring back the benefit.
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