Proposal 11310 from Terra Classic core developer Edward Kim has passed the threshold unanimously. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduce codes to enable future upgrades.

The upgrade also enables the Terra Grants Foundation to make the required changes proposed by crypto exchange Binance to bring back the LUNC burning mechanism.

Terra Classic Community Approves Critical Proposal 11310

Terra Classic’s core developer, Edward Kim, submitted proposal 11310 last week. As part of the proposal, the Joint L1 Task Force will perform a software upgrade on the Terra Classic blockchain to move from v1.0.4 to v1.0.5. It will make estimating transaction costs (gas and fire load) and future chain upgrades a lot easier and smoother.

While there is still a day left to vote on the proposal, the community has rushed to approve Edward Kim’s blockchain upgrade proposal. The LUNC community has always supported Professor Kim’s proposals.

According to current voting data, 99.99% of voters support the proposal. It has received 46 votes so far and all have voted in favor of the proposal. Among the best validators are Allnodes, Interstellar Lounge, StakeBin, Luna Station 88 and Classy’s Sphere voted “Yes” to the proposal.

Joint L1 task force consisting of Edward Kim, Tobias “Zaradar” Anderson and other developers will fix the node’s LCD endpoint that corrects a compute problem on the LCD. The upgrade is scheduled for block 11,543,150, expected on February 14.

In fact, this is the first upgrade for the Terra Classic blockchain as per the Q1 roadmap. It is followed by v1.0.6, Cosmos SDK, Tendermint and v2.0.4 upgrades.

Moreover, it also allows developers to make the necessary changes as suggested by Binance to bring back the burnout. The crypto exchange temporarily suspended the LUNC burn mechanism and reduced its commitment to burn 50% of LUNC spot and margin trading fees instead of 100%. Binance may stop the LUNC burning mechanism if the Terra Classic community does not make these changes.

LUNC Price Lost Momentum?

Terra Classic recently witnessed a massive rally amid renewed interest among community members. However, the LUNC price has lost its upward momentum.

The price of LUNC is up almost 1% in the past 24 hours with the price currently trading at $0.0001791. The 24-hour low and high are $0.0001773 and $0.0001804, respectively. Meanwhile, trading volume has dropped 40% in the last 24 hours, indicating a lack of interest from traders.

Also Read: Bitcoin (BTC) Price Reaches $25K or $21K, Now What?

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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