Terra Luna Classic Community Rejects Proposal to Increase Burn Tax

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The Terra Luna Classic community recently made a notable decision regarding the burn tax. They voted against increasing it to 1.5%. Many community members voiced their dissatisfaction with frequent proposals to alter the burn tax, particularly those aimed at raising it.

The Terra Luna Classic community decided not to proceed with a proposal to raise the burn tax. The proposal faced criticism for being illogical and seen as a half-hearted attempt. As a result, the price of LUNC dropped by 2%, currently trading at $0.0001150.

Terra Luna Classic Community Rejects Proposal to Increase Burn Tax

Recently, proposal number 12105 to raise the burn tax was rejected by the Terra Luna Classic community. The proposal faced criticism for its lack of logical reasoning and was considered a “lazy effort” by many voters. It was clarified that this proposal was a text proposal and not a parameter change, meaning even if accepted, it would not have altered the tax.

The rejection came with only 21.35% of voters supporting it, while 32% voted “no” and 38% voted “no with veto,” firmly declining the proposal to revise the burn tax. Validators also opposed the proposal due to insufficient data, complementary strategies, and volume projections to justify the tax increase.

Following this decision, the community opted to redirect the distribution of the LUNC burn tax to the oracle pool instead of rewards. This subsequent proposal garnered strong support with 70% “yes” votes from the community and backing from 37 validators.

As a result, the Terra Luna Classic burn tax was set at 0.5%. Of this, 80% will be allocated for burning, while the remaining 20% will be split evenly between the Community Pool and the Oracle Pool.

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Latest Price Movements in LUNC and USTC

LUNC Price Update: As of the latest update, the price of LUNC remains stable at $0.0001150, reflecting a slight decrease of 2% over the past 24 hours. During this period, LUNC’s price fluctuated between a low of $0.0001143 and a high of $0.0001207.

Additionally, there has been a notable 31% increase in trading volume, indicating heightened trader interest in LUNC.

USTC Price Update: USTC, formerly a stablecoin, is currently trading sideways at $0.02269 after experiencing a 1% decline in the last 24 hours. The price of USTC ranged between $0.02246 and $0.02377 during this same period.

These price movements indicate ongoing activity and fluctuations within the cryptocurrency market for both LUNC and USTC.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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