Following the recent upgrade done on the Terra Classic basically to bring the largest crypto exchange back to LUNC burns, Binance has danced to the tune of the drum by announcing its resumption for the LUNC token burns.
As it was previously reported by Cryptolifedigital, the upgrade, featuring v.1.1.0, incorporates modifications to the network that aim to address Binance’s apprehensions regarding token burns. The upgrade occurred at the Terra Classic block height of 11,734,000.
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Binance Resumes Its LUNC token Burns
According to the announcement shared on Binance’s official website, Binance said it would pause deposits and withdrawals for the LUNC network from Feb. 28 at 21:00 (UTC). This ensures the safety and integrity of users’ funds during the upgrade process.
The exchange noted that deposits and withdrawal services for the network would be restored once they have confirmed that the network is once again stable. Notwithstanding, the development will not impact trading for LUNC and TerraClassicUSD (USTC) on the platform.
Recall that the upgrade v1.10 came as a result of Proposal 11367, which was designed to implement the ban on reminting of burned tokens and a tax exemption list. These features address concerns raised by Binance regarding token burns.
The burning activity of Binance was put to a stop some months ago, saying that it would not support the network’s idea of reminting the burned token and promised to resume the activities once the network can look for a way to separate Binance token from the one to be reminded.
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Three Signal Proposals
Following this, the community has been looking for every means to get back Binance to the LUNC burns. Recently LUNC developer, Kim Edward, suggested three signal proposals on Feb. 14, two designed to meet Binance’s requirements and which the community was called to vote either to pass or not. Shortly, after the affirmative vote, the network upgrade proposal was introduced over a week ago to incorporate the suggested features. This implementation was intended to meet Binance’s requests and likely lead to the exchange resuming its burn contribution.
Notably, Binance has contributed so massively to the LUNC token reduction as it has singly incinerated up to 20.1 billion tokens, which represent 50.7% of the total cumulative burn of 39.6 billion tokens.