Ed Kim Introduces Signal Proposals To Bring Back Binance LUNC Burns

If the community approves, developers will consider these “optional” features for Terra Classic v1.1.0.

In a tweet yesterday, Terra Classic core developer Edward Kim introduced three signal proposals to the community from the Joint L1 Task Force.

We have put forth 3 signaling proposals around optional features that we are seeking consensus on. Please see the description here, https://t.co/ofOlbMNGOA and cast your vote on proposals, #11358, #11359, and #11360.

— Edward Kim (@edk208) February 14, 2023

According to Kim, these proposals are for “optional” features that developers could include in the Terra Classic v1.1.0 release. As explained by the associate professor of computer science, a vote for these proposals does not mean they will automatically be included in the release, as there will be a final vote. The developer says a vote in favor means that the Joint L1 Taskforce should consider them for the upgrade that will, regardless, include security updates and a patch provided by Notional Labs founder Jacob Gadikian.

Notably, the first two proposals are in response to requests made by Binance last December. The leading crypto exchange made these requests as it announced it was halting its voluntary burns of fees obtained from Terra Luna Classic (LUNC) trading. It conditioned the resumption of its LUNC burns on the community excluding its burns from token re-mints and its wallets from the on-chain tax.

Binance said it would resume LUNC burns by March 1 if the network meets its conditions. Notably, it will only be burning 50% of the trading fees obtained instead of the original 100%.

Consequently, the first optional feature would exclude Binance wallets from the on-chain tax for internal transfers. On the other hand, the second optional feature would be a dedicated burn wallet excluded from token re-mint calculations. Consequently, Binance and other interested community members could send LUNC there without fear of token re-mints. Kim notes that while the network has already voted to end token re-mints, there is no guarantee that the community will not bring it back through governance, making this step necessary to get Binance to resume LUNC burns.

It is worth noting that the third optional feature is unrelated to Binance or its LUNC burns and requests that the network split a portion of the burn tax to the community pool without having to re-mint tokens. The network will automatically send 10% of the 0.2% tax to the community pool per the proposal.

The latest signal proposals come after developers successfully rolled out the v1.0.5 upgrade over the weekend, fixing issues with implementing upgrades. Classy, a community influencer and network validator, had previously asserted that the v1.0.5 release was critical to developers’ meeting Binance’s requests.