The Joint Layer 1 Task Force has completed the Terra Classic v1.1.0 upgrade.

The upgrade introduces features aimed at addressing Binance’s concerns about token burns.

The latest Cremation Coin burn is the largest single LUNC burn transaction in three weeks.

The independent Terra Classic (LUNC) development group known as TerraCVita is putting into consideration applying for the Binance Industry Recovery Fund (IRF). Responses show that most LUNC community members want them to make the move.

TerraCVita, an independent development group working on the Terra Classic blockchain, may be on track to receive funding from Binance to support its development work on Terra Classic. The group recently sought the community’s opinion on seeking funds from the exchange.

All proposals addressing Binance concerns have crossed the pass threshold.

The Terra Classic (LUNC) community has not relented in its mission to reduce the asset’s circulating supply, as over 5 million tokens have been incinerated so far this week. Most of these tokens were incinerated by validator LUNC DAO and the recently-launched project Cremation Coin.

Recall that the price of LUNC lost momentum last week after the SEC sued Terra founder Do Kwon for multiple frauds. But investor interest in the crypto asset could record an increase as notable developments continue to roll into the project ecosystem.

Garuda Nodes, a validator on the LUNC network is set to build more utility to the Terra Classic blockchain as well as support the top-ranked objective of the community-led project – LUNC burning.

Garuda the Protector, an upcoming play-to-earn (P2E) game project, will launch on the Terra Classic blockchain in the second quarter of this year. The move is expected to introduce more utility to the network on its journey to revival.