NewsletterJust-In: Terra Luna Classic Community Revises LUNC Burn Tax
Highlights
- Terra Luna Classic community has approved a proposal to revise the LUNC burn tax, changing the burn tax distribution.
- The community enables burn tax distribution to the community pool and Oracle pool.
- LUNC and USTC prices remains under selloff pressure.
Terra Luna Classic community has approved a proposal to revise the LUNC burn tax. To be more clear, the reward share distribution of the burn tax will be changed instead of the burn tax rate.
Meanwhile, LUNC price loses steam for further recovery as broader crypto market remains under selling pressure ahead of $9.4 billion crypto options expiry.
Terra Luna Classic Burn Tax Proposal Passed
Proposal 12098 “Changing the Reward Share Distribution of the Burn Tax” is passed successfully by the Terra Luna Classic community. This changes the burn tax distribution to the community pool and Oracle pool.
Notably, the proposal doesn’t change the burn tax rate, nor the amount sent to burn. It just changes the burn tax distribution to oracle pool instead of rewards. The proposal has received 70% votes in favor with 37 validators in support of the proposal.
“The technical details of this can be a bit complex. I will try to simplify some of it at the cost of a little less precision in definitions and numbers. This draft has been up a few weeks ago with more details on block proposer rewards. I removed those parts as proposer rewards will be removed with SDK 0.47, said developer StrathCole.
Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to rewards. After the proposal, the 20% will be distributed as 10% to Community Pool and 10% to Oracle pool.
Instead of immediate block rewards, the portion from the burn tax would go into long-term staking rewards (Oracle). However, it would decrease the APR by about ~0.5%, which depends on on-chain volumes.
Also Read: Binance Founder Changpeng “CZ” Zhao Requests Probation, Gets Unprecedented Support
LUNC and USTC Fell
LUNC price fell 8% in the last 24 hours amid market-wide selloff, with the price currently trading at $0.0001027. The 24-hour low and high are $0.0001014 and $0.0001115, respectively. Moreover, trading volume decreased slightly in the last 24 hours, indicating a decline in interest among traders.
Meanwhile, USTC price also fell over 8%, with the price changing hands at $0.01842. The price climbed 20% higher last week. The 24-hour low and high are $0.01814 and $0.01997, respectively.
Also Read: Why Crypto Prices Are Taking A Dip Today?
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BlackRock Bitcoin ETF Ranks Among Top ETFs In 2025 Despite Crypto Downturn
- Stablecoin Adoption Deepens as Klarna Turns to Coinbase for Institutional Liquidity
- Ripple, Circle Could Gain Fed Access as Board Seeks Feedback on ‘Skinny Master Account’
- Fed’s Williams Says No Urgency to Cut Rates Further as Crypto Traders Bet Against January Cut
- Trump to Interview BlackRock’s Rick Rieder as Fed Chair Shortlist Narrows to Four
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
