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Luna Classic gears up for recovery after Binance support and latest upgrade

  • 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. 
Luna Classic gears up for recovery after Binance support and latest upgrade
Ekta MouryaEkta MouryaFXStreet

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. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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