Terra Luna Classic Community Rejects Burn Tax Proposal
The Terra Luna Classic community has made a significant decision regarding the burn tax. The proposal to increase the burn tax to 1.5% was rejected by the community members. They expressed their disapproval of the repetitive proposals to change the burn tax, particularly the idea of increasing it.
The rejection of proposal number 12105, which aimed to increase the burn tax, was confirmed by the Terra Luna Classic community. The majority of voters criticized the proposal for its lack of logic and being a “lazy effort.” It should be noted that this proposal was in the form of a text, not a parameter change. Hence, even if it had been accepted, it would not have resulted in a change in the tax.
The proposal received only 21.35% of “yes” votes. The Terra Luna Classic community cast 32% of “no” votes and 38% of “no with veto” votes, rejecting the vote to revise the burn tax. Validators also voted against the proposal due to the lack of data, complementary strategies, and volume projections to support the tax increase.
In a recent decision, the community opted to change the distribution of the LUNC burn tax to the oracle pool instead of rewards. This proposal received 70% of “yes” votes with the support of 37 validators.
As a result, the Terra Classic burn tax has been set at 0.5%. It has been stated that 80% of this tax will be used for burning, while the remaining 20% will be divided into 10% for the Community Pool and 10% for the Oracle Pool.
Price Movement of LUNC
At the time of writing, the price of LUNC is trading at $0.0001150, experiencing a 2% drop in the last 24 hours. The lowest and highest price values recorded in the last 24 hours were $0.0001143 and $0.0001207, respectively.
Furthermore, there has been a 31% increase in trading volume within the last 24 hours, indicating heightened interest among traders.
Meanwhile, the price of USTC, one of the former stablecoins, remains stagnant at $0.02269 following a 1% decrease. The lowest and highest price levels for USTC in the last 24 hours were $0.02246 and $0.02377, respectively.
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