Terra Classic V1.1.0 marks a pivotal milestone as the first major upgrade leveraging governance proposals to enhance the LUNC blockchain. This strategic upgrade addresses critical barriers to Binance's LUNC burn contributions, paving the way for potential resumption in March.
Key Takeaways from the Upgrade
- 7-hour Chain Upgrade: Successfully executed on February 28, resolving tax-related hurdles for Binance-affiliated wallets.
- No Re-minting of Burned LUNC: Ensures transparency and aligns with community demands.
- Validator Requirements: Full-node operators must now run v1.1.0 for seamless network participation.
Binance’s Role in LUNC Burns
With conditions met, the ball is in Binance’s court:
- The exchange halted voluntary burns in December 2022 due to tax concerns.
- Upgraded tax exemptions for Binance wallets now enable a dedicated burn wallet.
- Expected 50% reduction in Binance’s monthly burn volume post-resumption.
👉 Track the latest LUNC burn updates here
FAQ Section
Q: What’s new in Terra Classic V1.1.0?
A: The upgrade introduces governance-approved features like tax exemptions for Binance and a burn-tax split function.
Q: When will Binance resume LUNC burns?
A: While unconfirmed, March 1 was cited as a potential restart date if conditions were met.
Q: How does this upgrade benefit validators?
A: Validators must upgrade to v1.1.0 to avoid network instability and ensure compliance.
This upgrade underscores Terra Classic’s commitment to scalability and community-driven governance. Stakeholders await Binance’s next move, hopeful for renewed burns to boost LUNC’s deflationary model.
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