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HomeCrypto NewsMarketBinance To Support Terra Classic Network Upgrade to Bring Back LUNC Fee Burn

Binance To Support Terra Classic Network Upgrade to Bring Back LUNC Fee Burn

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Binance said it would support the Terra Classic Network upgrade from v1.0.4 to v1.0.5.

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Binance, the world’s largest exchange by 24-hour trading volume, has announced support for the upcoming Terra Classic network upgrade from its current v1.0.4 to v1.0.5.

According to an announcement today, the Terra Classic chain will be upgraded to v1.0.5 at block height 11.543.150, or approximately February 14. The industry’s largest exchange said the estimated time is only for users’ reference as there is a possibility that the upgrade could take place on or before the scheduled time.

Binance said it would handle the necessary technical requirements for the upgrade on behalf of LUNC holders on the platform, adding that users do not have to do anything. However, the exchange said it would halt LUNC deposits and withdrawals from block height 11.541.520 and reopen the services once the upgraded network is stable.

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Upcoming Terra Classic Network V1.0.5

It bears mentioning that the upgrade in question is part of proposal 11310 created by the Joint L1 Task Force developer group, a Terra Classic development group led by core developer Professor Edward Kim. The community voted in support of proposal 11310 to upgrade the Terra Classic network to v1.0.5.

The proposal tends to upgrade the Terra Classic network from v1.0.4 to v1.0.5 to introduce a series of changes, including introducing codes that will make future upgrades easier.

Furthermore, the upgrade will implement the changes requested by Binance to continue the exchange’s LUNC burn initiative. Recall that on December 28, Binance said it would burn 50% of LUNC spot and margin trading fees rather than 100% due to Terra Classic developers’ plan to re-mint LUNC burns as a development fund.

The exchange made a series of requests, including creating a new LUNC burn wallet to prevent the re-minting of the burned LUNC. Terra Classic developers listened and ended the re-minting of LUNC burns. As reported last month, Binance announced support for an upgrade that ended LUNC re-mints.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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