Terra Classic developers continue to ramp up efforts to make Binance, the largest blockchain ecosystem, and leading crypto exchange by trading volume, resume its voluntary burn of trading fees derived from LUNC spots and margin trading on its platform.
Binance remains the highest contributor to the LUNC burn expedition even though the exchange had halted burning Terra Classic tokens since December 2022 ending, hoping to possibly continue LUNC burning if and only if the token community meets all its conditions.
To this end, the notable contributor to the revitalization process of the LUNC crypto project and senior member of the Joint L1 Task Force team, Edward Kim introduced three Signal proposals around three optional features for consensus governance voting from the community. These 3 proposals, labeled 11358, 11359, and 11360 were submitted on Tuesday.
Notably, these three optional features needing consensus voting include — wallet exemption to on-chain tax, separate burn wallet exempt from Seigniorage and burn tax split to community pool. According to Edward Kim, the first two optional features are required for Binance to resume burning 50% of their LUNC trading fees. “The third is independent and has no bearing on Binance’s LUNC burn continuation request,” Kim stated.
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
Considering that all three are signal proposals like the recently passed USTC repeg proposal, no immediate technical consequences would ensue even if it passes. But any optional feature that passes signaling governance will be subject to another final vote for the Terra Classic community to accept, Kim noted.
Part of the proposal wrote, “Thus, the signaling vote at this time is not an acceptance or rejection of the technical adoption of these features, but rather a question of should they even be included for consideration in the next release.”
On the whole, the LUNC development team hopes to upgrade the Terra Classic network to a more advanced version — v.1.1.0—with these optional features onboarded, if there is a signaling consensus in the community.
“Finally, if all three optional features fail to pass the signaling governance, there will still be a release v1.1.0 put forth for voting that contains consensus-breaking required security updates, including a patch recently provided by Jacob Gadikian,” Edward Kim concluded.
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