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Terra Classic Network Upgrade (v1.05) Is Successful, Binance To Resume Its LUNC Burns

The recent update revealed that the recent upgrade (v1.05) done on the Terra Classic network would bring the resumption of Binance’s Terra Luna Classic (LUNC) burns one step closer as stated by the Crypto Influencer Classy.

Previously, the report noted that the most critical fix in the upgrade will solve a problem developers have faced in upgrading the chain. According to Classy, this problem is why developers have failed to meet the second part of Binance’s demand to resume its voluntary burns of LUNC trading fees.

Read Also: Deaton Forces The SEC To Believe That XRP Is Software Code And Not A Security

Upgrade v1.05 Will Brings Binance Back To LUNC Burns

It is worth noting the largest crypto exchange has once decided to suspend its voluntary LUNC burns in response to token re-mints last December unless its burns should be exempted from token re-mints and also its wallet from the on-chain burn tax parameter.

In this regard, the network of LUNC has been working zealously to meet Binance’s request. Last month, one condition was completed as the community voted to end token re-mints. However, it has failed to whitelist the Binance wallet from the on-chain tax.

Read Also: Some Community Members Doubt LUNC Hits $1. What Do You Think?

Recall that when the Binance exchange said that it would resume LUNC burns by March 1 if its conditions are met. However, it also announced that it would burn only 50% of fees obtained from LUNC trading when it resumes, instead of the original 100%. 

At the moment, Binance exchange still maintains the biggest LUNC burner with over 20 billion LUNC, despite not burning any LUNC for almost three months.

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