Terra Classic To Reinstate Edward Kim 1.2% Burn Tax To Revive LUNC To $1

LUNC News: The Terra Classic community looking for various ways to revive LUNC and USTC prices to $1. The community currently voting on a signaling proposal claiming to revive LUNC price to $1. However, the initial voting and sentiments of Terra Classic members and validators indicate the proposal to reinstate the LUNC burn tax to 1.2% could fail.

Professor Edward Kim introduced the 1.2% burn tax to Terra Classic last year, which revived the LUNC price to $0.0005. However, the community reduced it to the 0.2% burn tax after Binance CEO claimed less tax helps increase trading volumes. The LUNC price continued to plummet after the change.

Terra Classic Turns Down 1.2% Burn Tax Proposal

Proposal 11549 “Final Vision Plan for LUNC to $1+” by validator JESUSisLORD aims to increase the LUNC on-chain tax to 1.5%, with a 1.2% burn tax and 0.3% to the community pool.

Earlier proposals to increase staking rewards and exempt dapps from the on-chain tax will remain in effect. The proposal seeks the community’s help to convince crypto exchanges to support the 1.2% burn tax. JESUSisLORD believes the initial 1.2% burn tax should be reinstated back to the Terra Classic as it helped in LUNC price recovery.

Until now, the proposal has received only 20% votes in favor and 77% “No with veto” votes. Top validators including TCB, MAX, LunaClassic.com, LUNC Development Fund, and Lunanauts have voted “No with veto”, with other top validators yet to on the proposal.

Some Terra Classic community members are urging others to vote NO or No with veto to the proposal as it could harm LUNC trading volumes on crypto exchanges and drive away whales due to the high burn tax.

Meanwhile, Terra Classic to undergo a major v2.1.0 upgrade on June 14 that will bring the chain in parity with blockchains such as Terra 2.0 and Cosmos. The community believes the CosmWasm v2.1.0 parity upgrade can revive LUNC to $1 as it will bring back utility to the chain.

Moreover, core developer Edward Kim’s AI app chain “Block Entropy” will integrate into Terra Classic soon. Developers have unveiled a few features of the Block Entropy.

Also Read: Binance Delists Terra Classic (LUNC) Perpetual Futures Contract

LUNC Price Inches Higher on Positive News

LUNC price jumped 1% in the last 24 hours, with the price currently trading at $0.000085. The 24-hour low and high are $0.0000842 and $0.0000857, respectively. However, the trading volume continues to be lower, indicating a lack of interest from traders.

The price rebounded from $0.000083 amid Binance LUNC burn and an increase in sentiment due to several major changes coming to the chain. The community has a short-term target of $0.0005 and long-term target of $1 in the next bull market.

Also Read: Binance Burns 1.04 Billion Terra Classic (LUNC) Tokens, Price Jumps