TerraCVita Pledges Support for Edward Kim Proposals To Bring Back Binance LUNC Burns

The group asserts that collaboration is critical for any successful business model.

TerraCVita, an independent Terra Classic development group, has pledged support for the three signal proposals recently introduced by Terra Grants Foundation director Edward Kim.

The team revealed this in a tweet yesterday, revealing that they voted “yes” to all three proposals. The group expressed that collaboration was necessary for the network to thrive.

@TerracVita voted yes for the proposals, #11358, #11359, and #11360.
Success is built through collaboration and enabling business to be successful. https://t.co/I6zHzUAcK2 pic.twitter.com/P0dnfVtzDs

— TerraCVita (@TerracVita) February 16, 2023

As highlighted in a recent report, these proposals are for optional features which members of the Joint L1 Taskforce could include in the Terra Classic v1.1.0 upgrade. Notably, two proposals are focused on meeting Binance’s demands to resume its voluntary burns of Terra Luna Classic (LUNC).

Recall that the leading crypto exchange halted its voluntary burns of fees obtained from LUNC trading in response to token re-mints. However, it revealed its intention to resume its burns on March 1, burning only 50% of the fees obtained from LUNC trading activity if the community meets its demands. These demands include the creation of a separate burn wallet exempted from token re-mint calculations and the exemption of Binance wallets from the 0.2% on-chain tax for internal transfers.

Consequently, these demands make up the first two signal proposals. The final proposal is unrelated to Binance and requests that the community send 10% of the on-chain tax directly to the community pool without re-minting burnt tokens.

As highlighted in the previous report, these proposals are only signal proposals and would be subject to a final vote. Voting in favor of these proposals only means that the Joint Layer 1 Taskforce will consider them for the next Terra Classic release, as explained by Kim.

Notably, developers just successfully rolled out v1.0.5 over the weekend. It included a fix for a problem that developers faced in implementing previous upgrades.