In a bid to restore trust and strengthen their partnership with Binance, the Terra Classic community has put forward Proposal 11582, which aims to incinerate over 899 million LUNC tokens. These tokens, previously burned by Binance, were reminted by the community through past proposals to increase the community pool funds.
The contentious issue of reminting tokens without third-party approval led to a suspension of burns by Binance last December. The exchange agreed to resume burns only after the community eliminated the reminting mechanism. However, the reminted tokens were not included in the burning process.
Community member Powski has submitted the new proposal, advocating for the burning of the reminted LUNC tokens as a gesture of goodwill towards Binance and other stakeholders. The proposal suggests transferring the 899,224,538.5 LUNC tokens from the Community Pool to the Burn Wallet.
Powski plan to speak to Binance on proposal 11582
To communicate their intentions and proposed solutions, Powski plans to deliver a statement to Binance. The statement acknowledges the inappropriateness of the previous reminting mechanism and outlines the steps taken by the community to rectify the situation.
One of the primary goals of Proposal 11582 is to prevent similar issues from arising in the future. Powski emphasizes the community’s commitment to the original 100% Buy-Back-And-Burn arrangement between LUNC and Binance.
The proposal is currently in the voting phase, with the governance process set to conclude in a week. However, initial voting results indicate a lack of enthusiasm from most validators, with the majority voting “No with Veto.” While no validator has outright rejected the proposal, only two have voted in favour, namely the JESUSisLORD validator, operated by community member Christopher and the Classy’s Sphere validator, managed by community influencer Classy.
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Community’s Reaction to Proposal 11582
It should be noted that Proposal 11582 is not primarily aimed at supporting LUNC’s price action. Instead, its implementation will bolster the ongoing burn campaign and reduce the circulating supply of LUNC tokens. This move aligns with the community’s revitalization plan and their aspirations for LUNC to reach a value of $1.
If approved, the burning of 899 million LUNC tokens would signify the Terra Classic community’s commitment to addressing past mistakes, fostering trust with Binance, and reinforcing their dedication to a transparent and accountable governance process.
Disclaimer: This news piece is based on the available information and voting results at the time of writing. The outcome of the proposal may change as the voting process progresses.