Breaking: Terra Luna Classic Upgrade Is Live To Restore Binance LUNC Burn

Terra Luna Classic (LUNC) developer group the Joint L1 Task Force successfully triggered the v1.1.0 network upgrade at block height 11,734,000 at 08:46:56 AM on March 1. Terra Luna Classic’s largest validator Allnodes was the proposer of the block. It will enable Binance LUNC burn mechanism to return to the community.

The community awaiting a response from Binance finally received the support announcement later on February 28. The Crypto exchange Binance said it supports the Terra Classic network upgrade v1.1.0. The crypto exchange stated:

“The Terra Classic (LUNC) network upgrade will take place at the Terra Classic block height of 11,734,000, or approximately on 2023-02-28 22:00 (UTC).”

Binance also suspended the deposits and withdrawals for LUNC and USTC so that the network upgrade is completed without any issues. However, the network upgrade does not impact the trading of LUNC and USTC. The deposits and withdrawals on Binance resume once the Terra Luna Classic network is stable.

After triggering the v1.1.0 upgrade at 11,734,000, Joint L1 Task Force developer Tobias “Zaradar” Anderson shared some issues with the v1.1.0 consensus. However, the upgrade is finally live after 7 hours of work by core developers.

“As such we are looking at the current state of consensus to figure out why we are seeing different apphash values between nodes, which in turn will allow us to determine if the client is working as intended across the network. It could take anywhere from hours to days.”

The Joint L1 Task Force’s developers Edward Kim and LuncBurnArmy will provide an after-action summary of why consensus was not reached earlier and why the upgrade took longer than expected.

Terra Luna Classic Price Jumps

Terra Classic (LUNC) price jumped nearly 2% in the last 24 hours, with the LUNC price currently trading at $0.000164. The 24-hour low and high are $0.0001616 and $0.0001659, respectively. Furthermore, the trading volume has increased by 25% in the last 24 hours, indicating an increase in interest.

CoinGape earlier shared why Binance LUNC burn will be below 10 billion, despite burning for almost 3 months.

Also Read: Solana Releases Network Upgrade Improvement Plan, How It Impacts SOL Price?

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