Binance To Support Terra Classic Network Upgrade to Bring Back 100% LUNC Fee Burn

Binance, the world’s leading cryptocurrency exchange, has declared its support for the forthcoming Terra Classic network upgrade from version 1.0.4 to version 1.0.5. In a statement  released  today, Binance indicated that the Terra Classic network upgrade is expected to occur at block height 11.543.150, approximately February 14, although this timeline is subject to change.

Binance will manage all technical aspects of the upgrade on behalf of its LUNC holders, ensuring a seamless transition. No action is required by users. However, to ensure the stability of the upgraded network, LUNC deposits and withdrawals will be temporarily suspended from block height 11.541.520 and will resume once the network has stabilized.

Upcoming Terra Classic Network V1.0.5

The upgrade being referred to is part of Proposal 11310, a project initiated by the Joint L1 Task Force development group, led by Core Developer Professor Edward Kim. The Terra Classic community voted in favor of the proposal to upgrade the network to version 1.0.5.

This upgrade aims to introduce several improvements, including codes that simplify future upgrades. Additionally, it will address the requests made by Binance in relation to their LUNC burn initiative.

On December 28, Binance had announced  a reduction in the burn rate of LUNC from 100% to 50%, due to Terra Classic’s plan to re-mint LUNC as a development fund. In response, Binance made several requests, including the creation of a new LUNC burn wallet to prevent re-minting.

Terra Classic developers responded by ending the re-minting of LUNC burns. As previously reported, Binance expressed support for the upgrade that abolished the re-minting of LUNC.