No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Leading cryptocurrency exchange Binance has announced that it will support the latest Terra Classic ($LUNC) network upgrade set to epoch 15,029, setting the network’s currency issuance reward to 0%.
according to Presentation $LUNC, $USTC, and $ANC deposits and withdrawals through the Terra Classic network will be suspended at 03:50 UTC on January 14th, and the network upgrade will take approximately 3 hours.
The exchange will handle all technical requirements related to all users holding LUNC, USTC and ANC on their Binance account and, where applicable, Terra Classic network withdrawals according to market conditions. It added that it would review and adjust the fees.
When Binance determines that “the upgraded network is stable”, it will resume deposits and withdrawals and will not send notifications to users to remind them to move.
The original Terra ecosystem collapsed earlier this year and was later rebranded as Terra Classic, while a newly forked blockchain took over the Terra brand. When Terra’s ecosystem collapsed, its circulating supply jumped from his 340 million to 6.9 trillion, and to combat inflation, $LUNC proponents added his Added 1.2% tax.
Binance has supported the token burn of the network and destroyed it on the 3rd burn. 2.5 billion tokens, permanently removing them from the circulation in a single transaction. According to information from the Binance page, at the time of the burn, the $LUNC token was worth approximately $660,000 and was burnt in response to the $LUNC community’s proposal to burn transaction fees on-chain.
New Terra Classic upgrade Plans to abolish seigniorage reward policy to stop burned $LUNC from being reissued and to quintuple network gas fees to capitalize community pools and increase validator/staking rewards am.
The cryptocurrency community has endorsed a proposal to do away with seigniorage rewards, as they are significantly ineffective as a source of funding for CP. [Community Pool]is doing more harm than good to the community.
As reported, the Terra Classic community is fighting to increase adoption, Application for listing on the cryptocurrency exchange Coinbase.
via main image unsplash
