The proposal (Upgrade v1.10) that will allow the resumption of Binance to the LUNC burns has been successfully passed by the Terra classic community.
Per the Crypto influencer Classy, the Terra Classic community has passed the proposal to include optional features in the network v1.1.0 release. The passed proposal address concerns raised by Binance.
Recall that the last year, Binance announced that it would not continue the LUNC burns until March and it added that it would only resume LUNC burns when the crypto project meets its demands.
Firstly, Binance conditioned Terra Classic developers to exclude its burns from token re-mints. In addition, the exchange requested that its wallet be exempted from the on-chain tax. The exchange promised to resume LUNC burns on March 1 on the condition that the Terra Classic developers meet its demands.
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However, 96.6% of the participants voted “Yes” to the proposal, while about 3.37% chose to abstain from voting.
Upgrade v1.10 To Bring Binance Back To LUNC Burns
According to the screenshot shared by Classy, the new upgrade (v1.10) will include a tax exemption list, allowing the exemption of Binance wallets from the on-chain tax. The upgrade will also exclude all Binance LUNC burns from being re-minted. Furthermore, the upgrade will introduce mandatory security updates.
Shortly after the development, Binance LUNC burns are coming back via his tweet.
It is worth noting that while the coming back of the largest crypto exchange can happen on the 1st of march, the community should know that Binance will only burn 50% of all fees obtained via LUNC trading instead of the initial 100%.
Binance currently remains the largest contributor to the token burns with a significant cumulative burn of 20.1 billion and is expected to recommence its contributions to the campaign.