Binance would temporarily suspend LUNC, USTC, and ANC deposits and withdrawals during the upgrade.
Binance, the world’s leading crypto exchange by trading volume, has pledged support for the Terra Classic upgrade to end Terra Luna Classic (LUNC) re-mints and increase the gas fee at the end of the epoch.
The crypto exchange made this known in a tweet today.
— Binance (@binance) January 13, 2023
Per the accompanying blog post, Binance notes that the upgrade will take place at epoch 15,029, approximately 4:50 UTC on January 14. Consequently, the exchange will halt LUNC, TerraClassicUSD (USTC), and Anchor Protocol (ANC) withdrawals and deposits on January 14 from 3:50 UTC for an estimated 3 hours.
Holders of Terra Classic tokens do not have to do anything, as the crypto exchange will handle all the technical changes. As a result of the upgrade, Binance has cautioned that withdrawal fees are likely to change.
The proposals in question are proposals 11242 and 11243. Proposal 11242 suggested that the network eliminate the burn tax parameter seigniorage that re-mints a percentage of all LUNC burns to the community pool to fund development. On the other hand, proposal 11243, the second part of the two-part proposal, suggested that the network increase gas fees by 500% to fund the community pool and compensate for the lack of re-mints.
As previously reported, proposal 11242 is vital to the Terra Classic community’s relationship with Binance. The crypto exchange recently decided to halt its LUNC burns as it opposed the token burn re-mints. However, with the passing of Proposal 11242, the crypto exchange should continue its LUNC burn campaign from March 1, as promised.
Terra Classic community influencer and network validator Classy shared the development, expressing excitement and noting that it positively affected the LUNC price.
Fixing our errors one by one. #LUNC is up to the 18s almost as a result of this.
Happy to see 🔮 https://t.co/POiMJDLGcM
— Classy 🔮 (@ClassyCrypto_) January 13, 2023
At press time, LUNC is trading at the $0.0001735 price point, up 6.13% in the last 24 hours and 16.28%.
It is worth noting that the Terra Classic community is united in its goal of reducing the over 6 trillion LUNC supply. So far, Binance remains the largest contributor to LUNC Burns, with about 20.1 billion LUNC burnt in trading fees.