HomeCrypto NewsMarketBinance Can Continue LUNC Burns if This Proposal Passes

Binance Can Continue LUNC Burns if This Proposal Passes

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The Terra Classic network is yet to fulfill all the conditions set by Binance to continue LUNC burns.

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Proposal 11310 to upgrade to v1.0.5 needs to pass the governance vote before Binance can continue Terra Luna Classic (LUNC) burns.

This is according to Classy, a Terra Classic influencer and validator. The influencer made this known in a YouTube video yesterday.

Recall that Binance decided to suspend its voluntary burn of fees obtained from LUNC trading activity, as reported by The Crypto Basic last month. The crypto exchange made this decision in response to token re-mints from LUNC burns, disclosing that it will only continue LUNC burns after the community guarantees that its voluntary burns will not be re-minted and exempts its burn wallet from the 0.2% on-chain tax.

Notably, the Terra Classic community has met the first criteria by voting to end LUNC re-mints, as recently reported. However, developers are yet to whitelist Binance’s burn wallet, as the crypto exchange requested. According to Classy, they can only do so once they upgrade the chain to v1.0.5.

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The influencer points out that the upgrade contains an “upgrade version map hot fix,” which Terra Classic core developer Edward Kim described as the most significant change in the upgrade. Per the proposal, when developers try to implement upgrades, they face challenges as historical data on the versions of the modules on the chain is lost due to a problem with the “upgrade keeper,” which ought to store this information.

Consequently, developers must implement this upgrade for future upgrades to ship correctly, including the whitelisting of the Binance wallet, according to Classy.

Per a screenshot, when the influencer made the video, the proposal attracted 24.7% of the network’s voting power, with 99.99% voting in favor. It still has some ways to go to reach the pass threshold.

It bears mentioning that Binance is the largest contributor to LUNC burns, accounting for over 20.1 billion of the total 37.7 billion LUNC burns so far, per data from #LUNCPenguins at the time of writing. The crypto exchange has set March 1 as a tentative date to resume LUNC burns if its conditions are met. However, it plans to only burn 50% of LUNC fees instead of the initial 100%.

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Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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