Edward Kim, a core developer for Terra Classic, shared three signal proposals with the community in a tweet posted yesterday. The Joint L1 Task Force developed these proposals.
Edward Kim stated that the three signal proposals he introduced are suggested as “optional” features that can be included in the upcoming Terra Classic v1.1.0 release. However, he clarified that a vote favoring these proposals would not automatically include them in the release. Instead, the Joint L1 Taskforce would consider them for the upgrade. It was also mentioned that there would be a final vote on whether to include them in the release.
Furthermore, it was explained that the upgrade would contain security updates and a patch offered by Jacob Gadikian, who is the founder of Notional Labs, regardless of the outcome of the vote on the signal proposals.
Read article: Binance Announces Support for the Terra Classic (LUNC) Network Upgrade
It is relevant to note that two of the three signal proposals put forward by Edward Kim are in response to requests made by Binance in December of last year. Binance had made these requests when it declared that it would stop its voluntary burns of fees generated from Terra Luna Classic (LUNC) trading. Binance had stated that it would only resume the LUNC burns if the community excluded its burns from token re-mints and removed its wallets from the on-chain tax.
Binance announced that it would resume its burns of Terra Luna Classic (LUNC) trading fees by March 1, but only if the network fulfills its conditions. These conditions include excluding Binance’s burns from token re-mints and removing Binance’s wallets from the on-chain tax. However, Binance will only be burning 50% of the trading fees, instead of the previous 100%, once the burns resume.
The first proposed optional feature suggested by Edward Kim would involve excluding Binance wallets from the on-chain tax for internal transfers. Meanwhile, the second optional feature would be a dedicated burn wallet excluded from token re-mint calculations. This would enable Binance and other interested community members to transfer LUNC to the dedicated wallet without worrying about token re-mints.
Kim emphasized that even though the network has previously voted to end token re-mints, there is no assurance that the community will not reintroduce it through governance, making it essential to implement this step to persuade Binance to resume LUNC burns.
However, the third optional feature suggested by Edward Kim is not related to Binance or its LUNC burns. It proposes that the network allocate a portion of the burn tax to the community pool without having to re-mint tokens. The proposal suggests that the network automatically sends 10% of the 0.2% tax to the community pool.
Following the successful v1.0.5 upgrade deployment over the weekend, which remedied issues with upgrades, Classy – a community influencer and network validator – had declared it was pivotal to fulfill Binance’s demands. This has prompted recent signal proposals.
