To continue LUNC burn, the Terra Classic network must satisfy all of Binance’s requirements.
Before Binance may continue burning Terra Luna Classic (LUNC), the governance committee must approve Proposal 11310 to upgrade to v1.0.5.
Classy, a Terra Classic influencer and validator, says this. Yesterday, the influencer revealed this in a YouTube video.
Remember that Binance, as stated last month, chose to stop voluntarily burning fees collected from LUNC trading activity.
In reaction to token re-mints from LUNC burns, the cryptocurrency exchange made this choice, stating that it will only continue LUNC burns if the community ensures that its voluntary burns won’t be re-minted and exempts its burn wallet from the 0.2% on-chain tax.
LUNC Developers Yet to Whitelist Binance’s Burn Wallet
Significantly, the Terra Classic community has satisfied the first requirement by voting to stop LUNC re-mints, as was previously announced.
Developers have yet to add Binance’s burn wallet to their whitelist, despite the cryptocurrency exchange’s request.
Classy claims that they will be able to do this once they update the chain to version 1.0.5.
The influencer draws attention to the fact that the update includes an “upgrade version map hotfix,” which, according to Edward Kim, the core creator of Terra Classic, is an essential feature of the update.
The suggestion states that developers encounter difficulties when attempting to make upgrades because the “upgrade keeper,” which is supposed to retain historical data on the versions of the modules on the chain, has an issue.
For future updates to be released properly, including the whitelisting of the Binance wallet, developers must apply this upgrade, claims Classy.
According to a snapshot, the proposal received 24.7% of the network’s voting power when the influencer made the video, with 99.99% of the votes being in favor.
To cross the pass threshold, considerable progress must be made.
It is important to note that, according to data from #LUNCPenguins at the time of writing, Binance is the primary source of LUNC burns, contributing more than 20.1 billion of the total 37.7 billion LUNC burns to date.
If the requirements are satisfied, the cryptocurrency exchange has set a preliminary restart date for LUNC burns of March 1st.
In contrast, it intends to burn only 50% of LUNC payments instead of the initial 100%.