Terra Community Votes In Favor Of LUNC Burn On Binance Proposal

  • The proposal addresses Binance’s conditions for resuming LUNC burns.
  • Upgrade may prompt Binance to resume LUNC burns at a 50% fee burn rate.

The Terra Classic community has recently voted in favor of a proposal to ensure the resumption of Binance LUNC burns, as stated by Classy, a well-known influencer in the LUNC ecosystem.

The proposal aims to introduce optional features in the upcoming network v1.1.0 release and has received an overwhelming majority, with 96.6% of the participants voting “Yes” and only 3.37% abstaining from voting. The proposal is expected to address two of the concerns that Binance has raised.

Binance announced the halt of LUNC trading fee burns last year and will only restart them if Terra Classic complies with their conditions. These include excluding Binance burns from token re-mints and on-chain tax exemption for their wallet. Furthermore, the exchange intends to resume LUNC burns if the demands are met by March 1.

According to Classy’s screenshot, v1.1.0 will introduce a tax exemption list, and mandatory security updates, and exclude Binance LUNC burns from re-minting. Consequently, Classy expects the return of Binance LUNC burns.

Associate Professor Edward Kim introduced the proposal on February 15, suggesting optional features to be added to Terra Classic v1.1.0. The proposal will take place at block 11,734,000, around February 28, 2023, at 10 PM (UTC), during which full nodes and validators will not be able to operate.

Additionally, the upgrade could prompt leading crypto exchange Binance to resume LUNC burns on March 1, but they will only burn 50% of fees obtained through LUNC trading, instead of the original 100%.

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