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HomeCrypto NewsUpgrade That Could Guarantee Resumption of Binance LUNC Burns Goes Live

Upgrade That Could Guarantee Resumption of Binance LUNC Burns Goes Live


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Terra Classic v1.0.5 upgrade goes live.

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The Terra Classic network has successfully upgraded to v1.0.5.

Popular community influencer and network Validator Classy took to Twitter to disclose this on Sunday. According to the influencer, it brings the resumption of Binance’s Terra Luna Classic (LUNC) burns one step closer.

As highlighted in previous reports, the most critical fix in the upgrade will solve a problem developers have faced in upgrading the chain. According to Classy, this problem is why developers have failed to meet the second part of Binance’s demand to resume its voluntary burns of LUNC trading fees.

Recall that Binance decided to suspend its voluntary LUNC burns in response to token re-mints last December. The leading crypto exchange requested assurances that its burns are exempted from token re-mints and its wallet from the on-chain burn tax to resume LUNC burns.

Last month, the network met the first of these conditions as the community voted to end token re-mints. However, it has failed to whitelist the Binance wallet from the on-chain tax. As highlighted above, Classy says this is due to difficulties upgrading the chain. Consequently, the influencer asserts that the v1.0.5 upgrade takes the network one step closer to meeting this demand.

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Binance, in its statement in December, disclosed that it would resume LUNC burns by March 1 if its conditions are met. However, it also announced that it would burn only 50% of fees obtained from LUNC trading when it resumes, instead of the original 100%. Notably, the crypto exchange declared support for the v1.0.5 upgrade last week.

TerRarity data shows that the community, with the help of its supporters, has burnt about 39 billion LUNC since it began its initiative to bring down the 6 trillion LUNC supply. Binance remains the most significant contributor to LUNC burns, with over 20 billion LUNC, despite not burning any LUNC for almost three months.

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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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