LUNC News: Terra Classic Community Passes Proposal To Bring Back Binance Burns

The proposal 11310 of terra classic core developer edward kim went through the threshold unanimously. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduces codes to make future upgrades possible.

The upgrade also enables the Terra Grants Foundation to make the required changes suggested by crypto exchange BINANCE to bring back the LUNC burn mechanism.

The Terra Classic community agrees with the essential proposition 11310.

The main developer of Terra Classic, Edward Kim, submitted proposal 11310 last week. As part of the proposal, the Level 1 Joint Working Group will be proceeding with a software upgrade of the conventional Terra blockchain from v1.0.4 to v1.0.5. The estimation of transaction fees (fuel tax and combustion) and the future improvement of the chain will be much easier and easier.

Although there is still a day left to vote on the proposal, the community was quick to approve Edward Kim's proposal for a blockchain upgrade. Professor Kim's proposals were always supported by the mentally ill community.

According to the details of the election, 99.99% of electors support the proposal. 46 validator votes have been received so far and all have voted in favour of the proposal. Among the top validators, Allnodes, Interstellar Lounge, StakeBin, Luna Station 88, and Classy’s Sphere have voted "Yes" to the suggestion.

Joint L1 Task Force consisting of Edward Kim, Tobias “Zaradar” Anderson, and other developers will fix the node’s LCD endpoint that corrects a calculation issue on the LCD. The upgrade will take place in block 11 543 150 on February 14.

This is actually the first upgrade for the Terra Classic blockchain in line with the Q1 roadmap. It will be tracked with v1.0.6, cosmos sdk, tendermint, and v2.0.4 updates.

In addition, it will also allow developers to make the necessary changes as suggested by binance to restore burning. The crypto exchange temporarily suspended its LUNC burn mechanism and reduced its commitment to burn 50% of the LUNC spot and margin trading fees instead of 100%. Binance can stop its lunque burning mechanism if the conventional terra community does not manage to make these changes.

Price lunc out of momentum?

Terra classic has witnessed a massive gathering of interest among community members in recent times. Nevertheless, the Lunc price has lost its upward momentum.

Lunc price has risen by almost 1% over the last 24 hours, with the current price at $0,0001,791. The 24-hour low and high of $0.0001773 and $0.0001804, respectively. In the meantime, trading volume has dropped by 40% in the last 24 hours, indicating a lack of interest on the part of traders.

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