Terra Classic (LUNC), a project born out of the collapsed Terra ecosystem, is set to receive a significant upgrade on the crypto exchange on Saturday. binance I confirmed support for the upgrade today.
upgrade is Terra Classic A community vote to pass Governance Proposition 11242 to eliminate the reissuance of some of the burned LUNC tokens will take place on Epoch 15,029, or Saturday at approximately 04:50 UTC.
“Burning” a token means sending it to a cryptocurrency address that is not controlled by the user. This effectively removes the coin from the circulating supply, which in theory could have a positive impact on price action.
The upgrade is expected to take about three hours, according to Binance, which accounts for over 50% of LUNC’s trading volume and has supported the Terra Classic community with its monthly LUNC burn.
During this time, the exchange will disable USTC, LUNC, and ANC deposits and withdrawals, but users will still be able to trade as normal.
Terra Classic’s Gas Price Increases 5x
Proposition 11242 was released in early January after the LUNC token’s on-chain burn rate dropped dramatically within the last four weeks. This is an attempt to stop the reissue of his LUNC from Byrne by effectively setting the seigniorage reward policy to zero.
The proposal garnered over 66% of the network’s votes, with 96% voting in favor.
Prior to that, 10% of LUNC tokens were reissued from a 0.2% burn tax after each epoch and added to the community pool. The approval of the proposal set the seigniorage reward policy to zero, effectively halting the reissuance of LUNC.
The second part of the proposal, which aims to increase the network’s gas prices by 500% to fund community oracle pools to increase staking rewards, received almost 90% yes votes. bottom.
According to CoinGecko, after Binance’s announcement, LUNC’s price jumped more than 6%, reaching a two-week high of $0.00017668 before returning to $0.00017056 by press time.