Terra Classic Community Passes Crucial Proposal, Is LUNC Price $0.0005 Next?
The Terra Classic community has passed Proposal 11111 to repeal Proposal 10983 and support its largest LUNC burn contributor crypto exchange Binance. The proposal will bring back 10% remint from the 0.2% burn tax and add to the community pool, instead of 50% remint. Terra Classic core developer Edward Kim opposed Proposal 10983 as it could end the LUNC burn mechanism by Binance.
Terra Classic Community Passes Proposal 11111
The Terra Classic community currently votes on Proposal 11111 “Repeal Proposal 10983“. The proposal aims to repeal Proposal 10983, which increased funding for the community pool with 50% of the 0.2% burn tax instead of 10% for on-chain development.
Proposal 11111 has passed the threshold, with almost 82% votes in favor and 2% votes against the proposal. Also, 12% and 4% voted “No with veto” and “Abstain,” respectively.
Almost 39 validators have supported the proposal and 3 oppose the proposal. Validators with the most voting power Allnodes, Interstellar Lounge, and LUNC DAO voted “Yes” to the repeal of Proposal 10983.
Allnodes in a tweet on December 26 announced their support for Proposal 11111. Moreover, the validator believes the community must bring back the 1.2% burn tax as no positive changes in volume have been seen since reducing burn from 1.2% to 0.2%.
Terra Classic core developer Edward Kim warned the community about Proposal 10983. He said the proposal can make Binance CEO “CZ” revoke the LUNC burn mechanism. Binance is burning its trading fees on LUNC spot and margin trading pairs for its contribution to the community.
Binance has burned over 20 billion LUNC tokens. While the community, other exchanges, and projects have together burned 16 billion LUNC tokens.
LUNC Price Rally Continues
Terra Classic (LUNC) price has rallied massively last week. The LUNC price has soared nearly 20% in the last 24 hour, with the current price trading at $0.00018. The 24-hour low and high are $0.000152 and $0.0001848, respectively.
The rumor of Coinbase listing LUNC has also contributed to the rally. The trading volume has jumped over 110% in the last 24 hours.
Also Read: Terra Classic Developers Edward Kim, Zaradar Submit New Proposal
- Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces
- Breaking: $10 Trillion Vanguard Plans to Offer Crypto ETFs to Brokerage Clients
- BlackRock Loads Up on Bitcoin, Files For Premium ETF to Increase BTC Yield
- Best 10 Crypto Cards for 2025
- Expert Projects HYPE Token Upside as Bitwise Files for Hyperliquid ETF With SEC
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Is Ethereum Price Set for a rebound as Whale accumulation Intensifies?
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
