Terra Luna Classic Tears Down LUNC Burn Once And For All
Highlights
- Terra Luna Classic community turns down proposal to increase burn tax to 1.5%
- Community members and validators veto the proposal, turning down the proposal once and for all.
- LUNC price jumps, but selling pressure rising on LUNC.
The Terra Luna Classic community discarded a proposal to raise the burn tax to 1.5%. The community members expressed their dismay at the recurrent proposals suggesting altering the burn tax, especially an increase in the amount.
The moves come a few days ahead of Binance’s LUNC burn mechanism. Binance and former CEO Changpeng Zhao opposed high burn tax and proposals seeking to undermine the Terra Classic revival efforts.
Terra Luna Classic Rejects LUNC Burn Proposal
Proposal 12105 “Increase burn tax” is rejected by the Terra Luna Classic community, with most holders criticizing the proposal for lack of reasoning and “lazy effort”. This is a text proposal and not a parameter change, so even if it passed it would not change the tax. A new proposal is required with a compelling description and discussion time on Commonwealth.
The proposal received a mere 21.35% “Yes” votes. Terra Luna Classic community voted 32% “No” and 38% “No with veto” votes, turning down the narrative for revising the burn tax. Validators also voted against the proposal as there is no data to support the tax increase, no complimentary strategies to support the tax increase, and no volume projections.
Recently, the community changed the LUNC 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. 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 Oracle pool.
Also Read: LUNC Price Soars As Terra Classic Community Approves Key Upgrade Proposal
LUNC Price Jumps Amid Rising Sentiment
LUNC price jumped 5% in the last 24 hours with the LUNC price currently trading at $0.0001245. The 24-hour low and high are $0.0001143 and $0.0001310, respectively. Furthermore, trading volume has increased by 100% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, USTC price also jumped 5%, with the price currently trading at $0.0241. The 24-hour low and high are $0.02246 and $0.02477, respectively. The move comes as Terraform Labs, Do Kwon reached a settlement with the SEC, with the proposed final judgment must be filed with the court by June 12.
Also Read:
- Ripple CEO Advocates For Clear Crypto Regulation Ahead of 2024 Election
- Hashdex Nasdaq Withdraws Spot Ethereum ETF
- Judge Signs Key Orders in Coinbase Vs SEC Lawsuit
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- Expert Predicts SHIB Rally as Shiba Inu Restores Shibarium After $4M Hack Shutdown
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
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.
