The largest exchange, Binance, may likely resume its LUNC burns as the community of Terra Classic votes to pass two key signal proposals addressing the exchange’s concerns.
Notably, the signal proposal was suggested by Terra Classic core developer Edward Kim following after Binance made changes to their burn contribution following the passing of Proposal 10983, which sought to re-mint 50% of all burned LUNC tokens instead of 10% to introduce more funds to the community pool.
It is worth noting that Binance has suspended its burns till March and proposed conditions for the contribution to resume burns on exchange but it promised to resume back provided the needs were met by March 1. It also disclosed plans to burn 50% of trading fees instead of the initially-promised 100%.
Binance To Resume Its LUNC Burns
In the recent by Cryptolifedigital, Edward Kim introduced three signal proposals, and only two of them were aimed at addressing these concerns. Proposal 11358 excludes Binance-owned wallets from the 0.2% on-chain tax during internal transfers, as requested. Binance provided a list of its owned wallets to the community in this regard, but external movements will remain taxes. This proposal has successfully passed.
Terra Classic Suggests New Wallet For Binance
Following the late proposal signal, Proposal 11359 was brought up which will create a separate wallet and prevent Binance LUNC burns from reminting in the future.
Any LUNC sent to the new wallet will be excluded from the seigniorage remint calculation and remain to burn. Binance realizes that though the seigniorage has been turned off, it could still be turned on. This proposal has also passed.
Furthermore, shortly after the approval of the recent new wallet, Proposal 11367 was brought up yesterday to introduce a software upgrade of the LUNC blockchain to v1.1.0, which will implement the proposed features.
As stated in the proposal, it will end in six’s time and till now there has been only a Yes vote.