Terra Classic community members have passed a vital proposal to reintroduce Binance LUNC burns.
Members of the Terra Classic community have passed a proposal that will guarantee the resumption of Binance LUNC burns. According to prominent LUNC influencer Classy, the Terra Classic community has passed the proposal to include optional features in the network v1.1.0 release. The passed proposal address concerns raised by Binance.
Binance Conditions for Terra Classic Developers
Recall that Binance announced last year that it would halt its voluntary burns of LUNC trading fees. However, the world’s largest crypto exchange said it would only resume LUNC burns when the crypto project meets its demands.
Firstly, Binance conditioned Terra Classic developers to exclude its burns from token re-mints. In addition, the exchange requested that its wallet be exempted from the on-chain tax. The exchange promised to resume LUNC burns on March 1 on the condition that the Terra Classic developers meet its demands.
Notably, 96.6% of the participants voted “Yes” to the proposal, while about 3.37% chose to abstain from voting.
According to the screenshot shared by Classy, the v1.1.0 upgrade will include a tax exemption list, allowing the exemption of Binance wallets from the on-chain tax. The upgrade will also exclude all Binance LUNC burns from being re-minted. Furthermore, the upgrade will introduce mandatory security updates.
Following the development, Classy said Binance LUNC burns are coming back.
$LUNC V1.1.0 HAS PASSED! LFGGGG#Binance burns are coming! pic.twitter.com/OpSuL4XbF2
— Classy 🔮 (@ClassyCrypto_) February 28, 2023
Notably, the proposal was first introduced by associate professor Edward Kim on February 15.
Although the upgrade could prompt Binance to resume its LUNC burns on March 1, it is worth noting that the world’s largest cryptocurrency exchange will only burn 50% of all fees obtained via LUNC trading instead of the initial 100%.