Binance reinstating its LUNC burn mechanism is the key moment for the Terra Luna Classic community. With Proposal 11367 officially passed, the blockchain will be halted at block 11,734,000 height. The halt is expected on February 28 at 5 PM EST or 10 PM UTC to implement the v1.1.0 upgrade.

All node operators and validators are required to install and run the upgrade version v1.1.0 to continue normal functions on the network.

The Terra Luna Classic community has officially passed the key Proposal 11367 “Upgrade v1.1.0” by core developer Edward Kim. The proposal contains governance-approved features to the Terra Classic blockchain, including a tax exemption list, burn tax split, no-reminting of the burn wallet, as well as mandatory security updates.

While the proposal already reached the pass threshold a few days ago, it has officially passed today. According to the voting details, Proposal 11367 has already passed the threshold level. The proposal received 96.60% votes in favor. It indicates all required changes by Binance will be fulfilled with an upcoming upgrade to happen today.