- Terra Classic network upgrade from v1.0.4 to v.1.0.5 has received Binance’s support, and the exchange has proposed to bring back 100% fee burn.
- Luna Classic chain will be upgraded to v1.0.5 at block height 11.543.150 or approximately February 14.
- LUNC bulls have pushed the token’s price 11.3% higher since January 31.
Terra Classic (LUNC) formerly known as LUNA is upgrading from its v1.0.4 version to v1.0.5. The world’s largest exchange by volume, Binance has announced support for Luna Classic, fueling a bullish narrative among LUNC holders.
Also read: Google battles ChatGPT with Bard: Will this trigger rally in AI tokens?
Binance announces support for Terra Classic and 100% LUNC fee burn
Binance has announced support for Terra Classic’s network upgrade. Previously Binance used to burn 100% of LUNC trade fee collected on its spot trading platform. When developers announced that 50% of burnt LUNC will be re-minted and added to the developer fund for Luna Classic developers.
The exchange scaled back its token burn to 50% in response to developer announcement. After a series of requests, including the creation of a new LUNC burn wallet to prevent the re-minting of burned LUNC. Developers responded positively to the request and ended the re-minting of tokens. The crypto exchange platform then announced support for the upgrade and proposed bringing back 100% LUNC fee burn.
LUNC announces upgrade to ensure smooth updates in the future
Terra Classic developers proposed the upgradation of the current version of the LUNC blockchain from v1.0.4 to v1.0.5. This is a state breaking software upgrade proposal to the Terra Classic blockchain to transition where validators and full nodes can upgrade at their convenience up until the state breaking change at block 11,543,150, which will be approximately February 14th, 2023.
Developers describe this as a simple fix to the Terra Station wallet. The code is set to trigger at block 11,543,150 and it initializes the version map, so that future upgrades can utilize the proper upgrade procedures.
The latest developments in the Terra ecosystem have fueled a bullish narrative among LUNC holders, after the token yielded 11.3% gains.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum supply shrinks by 70,000 ETH. Will Ethereum price hit $2,000?
Ethereum transition from Proof-of-Work to Proof-of-Stake (PoS) was the last major upgrade to the altcoin’s blockchain and the Shanghai hard fork is the next one. The shift to PoS purged 70,000 ETH tokens from the altcoin’s circulating supply.
Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off
Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price
Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.
Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%
XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.