LUNC News Live Updates (December 5): Terra Classic community has passed Proposal 10983 despite many raising concerns that it may cause Binance to revoke its LUNC burn mechanism. Binance recently burned almost 6.3 billion LUNC tokens on December 1.
December is going to be crucial for Terra Classic amid new proposals and developments. The community looks for “LUNC at $1.”
Allnodes Voting “No” To Proposal 10983
Allnodes, validator with 17.48% voting power, pushes Proposal 10983 towards rejection. The community requests other validators to vote “No”. However, most validators have favored the proposal.
LUNC DAO Burns 5.43 Million Terra Classic Tokens
Validators LUNC DAO has burned 5,431,031 Terra Classic (LUNC) tokens.
Terra Rebels Edward Kim Announces IBC Channel Reopening on Dec 6
Terra Rebels and Terra Classic core developer Edward Kim announced that IBC channels will be reopened at block height 10,524,500, estimated on December 6 at 9 AM UTC.
Terra Classic Price Soars Over 12% In A Week
Terra Classic price is trading at $0.000176. The price has soared nearly 2% in the past 24 hours and over 12% in a week. The community aims for $1, but influencers believe $0.001 is possible.
IBC Channels To Cosmos Will Re-open on December 6
Inter-Blochain Communication (IBC) channel between Cosmos and Terra Classic to re-open on December. Initially, the opening date was estimated to be December 5.
LUNC Community Passes Proposal 10983
Proposal 10983 has now passed by Terra Classic community, with over 72% voting “YES” in the controversial proposal. The proposal will increase community pool funding to 50% and risks Binance to end its burn mechanism.